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When FOMIN began studying remittance flows in 2000, they were often inaccurately recorded and largely hidden in the “errors and omissions” columns of central bank balance of payments records. Since then, FOMIN has raised overall awareness about the true volume of these flows, and has also focused on achieving two main goals: (i) reducing the average cost of sending remittances to Latin America and the Caribbean (LAC), and (ii) increasing the number of families receiving remittances through the formal financial system. More about the Remittances Program >>