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Migrant Remittances Newsletter Vol. 7 No.1

The QED Group
Manuel Orozco
Institutional Sponsor: 
United States Agency for International Development
Publication date: 
Thursday, April 1, 2010
In this issue we find a 6 percent decline in global flows, mixed with uneven trends, mirroring the impact of the recession in both home and host countries. This impact shows differences within and between regions, whereby growth and decline was part of a parallel pattern. Moreover, the year starts with the dramatic impact of the earthquake in Haiti, which raises questions about the relevance of remittances and Haitian migrant involvement in the reconstruction of their nation.

This briefing also highlights that the remittance marketplace and industry continue to trend toward greater innovation. More companies are exploring products and technology vehicles that meet the demands of migrant remittance senders. These include mobile transfer technologies but also expanding operations. Moreover, governments are continuing efforts to enable competition for groups other than banks, such as in Japan, as well as promote cooperative efforts to leverage remittances for development, such as a new initiative by the African Development Bank. Brazil's country profile is presented in this issue, which is considered to be the second largest recipient in remittances to Latin America and the Caribbean.