By Jose De Luna-Martinez, Isaku Endo, Corrado Barberis
ISBN-10: 0821366580
ISBN-13: 9780821366585
ISBN-10: 0821366599
ISBN-13: 9780821366592
This examine presents an summary of remittance flows from Germany to Serbia. The file argues that there are many components that discourage migrants from utilizing monetary associations to ship funds domestic, together with 1) constrained (but growing to be) belief of Serbs of their banking associations, 2) excessive charges for utilizing remittance items provided via monetary associations, three) low pageant within the remittance industry, and four) constrained (but turning out to be) point of financial institution penetration in Serbia. This examine additionally argues that there's additionally a necessity to extend the provision of economic items to be had to Serbs that ship or obtain remittances regularly. The file concludes with a collection of particular tips about wanted coverage alterations to facilitate the move of remittance flows from the casual channels to authorized or registered monetary associations, thereby maximizing the developmental effect of remittances, lowering remittances charges, enhancing facts assortment practices! , strengthening the legislation and supervision of the money move undefined, and combating funds laundering.
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Extra info for The Germany-Serbia Remittance Corridor: Challenges of Establishing a Formal Money Transfer System (World Bank Working Papers)
Sample text
Informal Fund Transfer Systems (IFTS) Despite the wide range of instruments offered by financial institutions to send money from Germany to Serbia, a large number of Serbs in Germany still prefer to send money home through bus drivers or relatives and friends that travel to Serbia. As mentioned before, it is estimated that 50 percent of all remittance flows from Germany to Serbia occur through informal channels. Moreover, many Serbs who receive a pension from Germany travel back to Germany by car every two or three months to collect their payments in person, transporting their money in cash from one country to another.
So far, only few banks in developing countries—Brazil, El Salvador, Mexico, and Turkey—have securitized their future remittances flows. Banco do Brazil closed a $300 million dollar securitization transaction in 2001, Banco Cuscatlán in El Salvador closed a $125 million dollar transaction in 2003, Banamex of Mexico closed a $200 million dollar transaction in 1999, and since 1999 several banks in Turkey have securitized a part of their remittance transactions. 26 Maximizing the Developmental Impact of Remittances in Serbia In addition to attracting more remittance flows into the financial system, one of the most important challenges for Serbia is to create an enabling environment to leverage remittance flows by offering migrants a wide range of opportunities to invest in Serbia (for example, providing complementary financing to acquire real estate, creating mechanisms to channel funds to finance small infrastructure projects in their hometowns, encouraging migrants to become shareholders in privatized companies, establishing funding programs for the establishment of new small and medium enterprises by migrants returning to Serbia, and so forth).
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