Currency fluctuations having major impact on remitters
’The currency fluctuations that were experienced during the last 4 months have had a major impact on the volumes of remittances that have been sent’ says Leon Isaacs, Managing Director of the International Association of Money Transfer Networks. ’When the US dollar appreciated by 34% against the Mexican peso there was a real spike in the amount being transferred.
’In the UK the pound fell 30% against the dollar in a three month period meaning that it is costing remitters nearly a third more to send the same amount. Research in the market is showing that people sent less per transaction during November and December of last year and that this has carried on during the early part of 2009. Customers are only sending for non-discretionary purposes and are holding on to any money they may have used for investment in the hope that the rate will improve. This is really the first time that we have seen exchange rates have such an impact on sending patterns on a global basis. It also means that many remitters are now unwittingly becoming currency speculators and importantly that developing countries are not receiving as much in remittances as they were anticipating.’
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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