The World Bank - Working for a world free of poverty
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This blog is hosted by Dilip Ratha, lead economist at the World Bank. Its goal is to leverage migration and remittances for development.
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There are several reasons for
There are several reasons for differences between central bank data on remittances and what the World Bank provides. First, the Bank's definition of migrant remittances includes workers' remittances, compensation of employees and migrants' transfers (see Global Development Finance 2003 Chapter 7 http://siteresources.worldbank.org/INTRGDF/Resources/GDF2003-Chapter7.pdf and Global Economic Prospects 2006 http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/2005/11/14/000112742_20051114174928/additional/841401968_200510319015205.pdf for a detailed explanation for including these three components. Second, some central banks use fiscal years while the World Bank data is for calendar years. Third, there may be reporting lags. Some countries report data to the IMF Balance of Payments statistics with a significant lag. For countries for which no data on the level or growth of remittances is available, we keep the remittances the same as the previous year. We also monitor central bank monthly and quarterly releases (see monthly data http://go.worldbank.org/QOWEWD6TA0) for short-term trends.