A Model for the Systematic Capture, Management, and Analysis of Remittance Data by Central Banks

Location Global

The way central banks think about remittances data is changing. As the world becomes more digital, there is an ever-growing need for detailed insights and automated and datadriven platforms from which central banks and regulators can extract information about the economy and remittance flows. Transaction-level data on remittance transfers are crucial for regulators to be able to understand remittance markets and foreign exchange markets, their challenges and opportunities. This understanding is vital to the development of policies, products and services that lower barriers and increase total values of incoming remittances as well as to drive remittance formalization and financial inclusion. This is particularly true of economies that rely heavily on received remittances. The availability of quality remittances data will provide the accurate landscape of the remittance market and players, which in turn will help central banks and other policymakers to develop data-driven policies that meet the needs of all stakeholders.

Especially on behalf of the migrant women and men customers originating and receiving remittances, and their wider communities in least developed countries, the United Nations Capital Development Fund (UNCDF) Migrant Money programme team would like to thank the many partners and collaborators who are contributing to our efforts in the development of practical tools and guides to improve the collection, monitoring and analysis of remittance flows, which is critical for making informed remittance-related policy decisions.

This appreciation is extended to the contributors and reviewers of the Remittances Reporting and Analysis toolkit, including the Central Bank of Brazil (BCB), the Central Bank of Colombia (BRC), the Central Bank of Mexico, Bank Indonesia (BI), the Central Bank of Philippines (BSP), the Bank of Thailand (BOT), the State Bank of Pakistan (SBP), the Central Bank of Kosovo (BQK), the Central Bank of Iceland, the Central Bank of Jordan, the South African Reserve Bank (SARB), the Reserve Bank of India (RBI), the Bank of Namibia (BoN), the Australian Transaction Report and Analysis Centre (Austrac) and the Central Bank of Spain (BE).