’This week’s G20 meeting must not introduce policies that damage remittance customers’ says IAMTN (the International Association of Money Transfer Networks). ’The G20 represent the richest countries in the world and remittances mostly benefit the developing economies. Co-ordinated action is vital to address the issues in the G20 economies. However, with the developing economies depending on remittance volumes (which are forecast to fall by between 5 and 8% this year) any policies which increase protectionism, make it harder for migrants to cross borders or look at curtailing remittance volumes (perhaps via taxation) are to be avoided’ said Leon Isaacs, Managing Director of IAMTN.
Remittances are now over $300 billion to developing economies alone. Driven by migrants, at great personal sacrifice, they provide a lifeline to many individuals and a tremendous example of families supporting each other. In many countries remittances represent a high proportion of GDP and this will remain even if migrants find it harder to retain their income levels. As global demand falls this impacts the export opportunities for developing economies and impacts GDP. ’Migrants are resourceful, but they should not be unduly burdened as a result of any policy changes that may appear from the G20’ said Isaacs.
Money Transfers Moscow (MTM) - 30th June 2009 - Ararat Park Hyatt Moscow
The one-day conference will be the first ever held on remittances in Eastern Europe and the CIS. Delegates from money transfer companies, banks and regulators will take part in a one day programme that will address the key issues in the remittance world. These include the impact of the global financial crisis on remittances globally and within the region, new technological opportunities, how to address the key areas of settlement and foreign exchange management. Not only will MTM provide a real opportunity to listen to acknowledged experts in the area of money transfer but it will also allow plenty of time for networking, initiating partnerships and showcasing products.
Delegates will be drawn from Russia, CIS, Eastern Europe and other regions.
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