Sending the Money Home: The Market for Remittances

Sending the Money Home: The Market for Remittances

  Sending the Money Home: The Market for Remittances by Jan Smith, Director Financial Services Practice, InfoAmericas Family remittances from Latin Americans working in the developed countries are now the largest source of capital inflow into the region, exceeding net foreign direct investment (FDI) and official development assistance combined. In 2005, remittances to Latin America and the Caribbean totaled more than US$53.6 billion making the region the largest remittance market in the world.  In some countries, such as El Salvador and Nicaragua, they account for more than 15% of GDP. Remittances are also a source of economic stability because unlike FDI, they are cou

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