Offical Remittances to Gaza May Fall By Over 20% This Year
’Among the many impacts that the current crisis is having in Gaza is the effect on remittances’ advised Leon Isaacs, Managing Director of the International Association of Money Transfer Networks (IAMTN). It is estimated that Gaza receives at least USD500million* per year in inward money transfers (formal and informal) which is over 10% of GDP+. ’The current situation has meant that no formal remittances can be received in Gaza and until a ceasefire is declared and implemented then the payout operators will remain shut’.
Even if a ceasefire is declared in the short term it has to be assumed that it will take some time for normal remittance operations to resume which will clearly continue to have a major humanitarian impact. Taking this into account IAMTN estimates that it may result in a fall in official remittances of over 20. Interestingly, after natural disasters or man-made conflict informal remittances are often one of the first aspects to be restored and can have a major impact on rebuilding the economy.
*Estimates of remittances into the West Bank and Gaza Strip vary between USD 598million (Source World Bank) and total remittances (including informal) at around USD 1.4billion.
+ Source World Bank
IAMTN is the only international trade association, representing Money Transfer industry across the globe.
The members of IAMTN provide the full range of money transfer (remittance) services to private individuals and small businesses in over 150 countries and territories.
As a truly global lobbyist of the remittances industry, IAMTN raises awareness of importance of the money transfers as one of the most dynamic sectors of the world economy as well as a widely spread social phenomenon.
IAMTN works closely with governmental agencies, financial regulators and anti-money laundering bodies to make sure that the money transfers legislation reflects the realities of the modern world and provides for efficient and affordable remittance services to the customers around the world.
As a trade organisation, International Association of the Money Transfer Networks provides its members with access to the potential business partners internationally, research data on money transfers and associated industries.
Over 4300 industry professionals and members of the press subscribe to the Money Transfers newsletter, published by IAMTN.
IAMTN is the key driver of the Annual Global Consumer Money Transfers (GCMT) conference in London and Money Transfers Dubai which is being held on 9 March at the Shangri-La Hotel in Dubai.
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