Money Transfers Newsletter, July 2008
The US is the world’s largest outward remittance market. The total amount of outward remittance was about USD42.2 billion, or 0.3% of the country’s GDP in 2006. According to UN population estimate, the US has the largest number of immigrants, at 38.4 million in 2005, accounting for 12.9% of the total population. The US emigrants constituted about 0.8% of the total population. The top ten immigrant sourcing countries for the US at the end of 2005 were Mexico, Philippines, Germany, India, China, Vietnam, Canada, Cuba, El Salvador and the UK. Majority of immigrants are from Mexico and other Latin American countries.
An industry insider, who refused to be identified, working in the Zimbabwe market gives ‘Money Transfers’ an exclusive opinion on the current banking system woes. Here is his story. With just a few days left before the re-run of the Presidential election, Zimbabwe is slowly grinding to a halt. The President himself has publicly stood up and said that the country will never be taken over by ‘traitors’ (referring to the main opposition party, the MDC). "It shall never happen …as long as we are alive and those who fought for the country are alive," the 84-year-old leader said in an article in The Sunday Tribune (SA), 15 June. "We are prepared to fight for our country and to go to war for it."
A highly successful Dubai conference was brought to a close by IAMTN CEO Lady Olga Maitland and will soon be followed up by an even larger annual event – the Money Transfers London Conference on the 17th and 18th of November, 2008 at the Hilton Park Lane.
A new government
rule has been introduced
that requires
workers to be paid, not
in cash, but by deposits into their accounts.
The fastexpanding construction business in the
UAE will now need to work with service
providers to accommodate this change and
foreign banks, MTOs and service providers are
keenly eyeing the market opportunity.
Subscribe to IAMTN Newsletter
YES - I would like to know more about IAMTN actvities
Privacy by SafeSubscribe
6.03 Exchange Tower, One Harbour Exchange Square, London E14 9GE, UK
+44 020 7531 1347 | info@iamtn.org
