Every year, about 281 million people around the globe send over US$626 billion as remittances to families in low- and middle-income countries, which constitutes formal remittances. Meanwhile, the volumes and size of informal (or unrecorded) remittance flows have always received less attention from central banks. This has resulted in a gap in the data on remittances due to informal remittance flows being unaccounted for within the formal system of remittances. This data gap, as a result, is impacting the incorporation of informal remittances into broader policymaking, monitoring, and estimation of accurate financial indicators—such as foreign exchange reserves and, potentially, a country’s sovereign credit rating.
UNCDF is actively researching and consulting with partners to create a deeper knowledge base on methods used to measure informal remittances and has published insights. Based on consultations and feedback, UNCDF’s work on informal remittances combines quantitative and qualitative elements.
This webinar will focus on the impact, trends and changes, the methodologies used by central banks, and the importance of capturing data on informal remittance flows.
We will be hosting the webinar on: 16 June 2023, 9 a.m. – 10:30 a.m. EST
How to join?
Please use the above registration link to register. After you register, you will receive an email confirmation and will be able to add the event to your calendars.
Panelists:
- Dr. Marina Manke, Chief, IOM, Global Migration Data Action Centre (GMDAC), Global Data Institute
- Harry S Baskoro, Deputy Director, Central Bank of Indonesia
- Habtamu Workneh, Chief Research Officer, Central Bank of Ethiopia
- Saransh Verma, Vice President, Analytics and Customer Success Management, TerraPay
Moderators:
- Dr. Deepali Fernandes, Lead Trade and Finance Specialist, UNCDF
- Ibish Kastrati, Remittance Policy Specialist, UNCDF
Agenda:
- Overview on Informal Remittances – UNCDF
- Understanding of the kind of migrant who transfers money informally and conditions under which informal remittance transfers take place – IOM
- Methodologies used to capture informal remittances and Challenges faced – Central Bank of Indonesia perspective
- Methodologies used to capture informal remittance flows and Challenges faced – Central Bank of Ethiopia perspective
- Value, Channels and Observations on Informal Remittances from the private sector perspective – Terrapay
Duration: 90 minutes