Global recorded remittances to developing countries reached $204 billion in 2006. This amount, which has been growing at almost 30 percent a year, is twice the size of total development aid.
Remittances hold a big promise for development but a lack of transparency and a high volume of unrecorded money flows, pose security risks and keep the costs high.
The Financial Market Integrity unit of the bank created the Bilateral Remittance Corridor Analysis (BRCA) to better monitor and analyze the size, nature and incentives behind the transfers. For more information see BRCA's draft research guidelines - a user-friendly starter kit to understanding remittance flows.
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