Delays to the Somali elections will have no impact on Remittances - IAMTN
’The delay of the election for the new President of Somalia is likely to have little or no impact on remittances’ Leon Isaacs, Managing Director of the International Association of Money Transfer Networks’ said. Estimates out the value of remittances into Somalia at up to USD 1 billion annually. These remittances are made through organisations that have been able to operate under extremely challenging circumstances and in a country where there is no central bank and the regulatory regime is quite different to anywhere else in the World.
The main factor that will affect remittances in the short term is not political but is the impact of the global economy. Somalis, like other communities, have been hit with the impact of more unemployment, higher costs and exchange rate fluctuations. The exchange rate has had a particularly significant impact for those based outside the US recently. This is because money sent to Somalia is denominated in US dollars and some European countries, where many Somalis are, have seen their exchange rates devalue against the USD by up to 35% in the last 4 months meaning that it can will cost a migrant a third more to send the same amount of money. ’This is hard to explain to someone who is depending on that money to arrive.’
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.
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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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