Product Code Database
reliability and stability, an established legal framework and rules, standard formats, and universal access. See box 13.2 for a description of FedACH's international model. • Orient Commercial Joint Stock Bank (ORICOMBANK), based in Ho Chi ...
Migrants have long faced unwarranted constraints to sending money to family members and relatives in their home countries, among them costly fees and commissions, inconvenient formal banking hours, and inefficient domestic banking services that delay final payment to the beneficiaries. Yet such remittances are perhaps the largest source of external finance in developing countries. Officially recorded remittance flows to developing countries exceeded US$125 billion in 2004, making them the second largest source of development finance after foreign direct investment. This book demonstrates that governments in developing countries increasingly recognize the importance of remittance flows and are quickly addressing these constraints.
|
|
