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Promoting an Inclusive Remittances Market through Improvements in the Regulatory
This project aims to support Central Banks of the region in the collection and publication of data. It also intends to support in the development of a regulatory framework which enables financial inclusion of remittances clients.

Project Detail

Country

Regional

Project Number

RG-M1248

Approval Date

May 13, 2015

Project Status

Closed

Project Type

Technical Cooperation

Sector

FINANCIAL MARKETS

Subsector

FINANCIAL INCLUSION

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

-

Facility Type

-

Environmental Classification

Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 2,351,494.00

Country Counterpart Financing

USD 1,152,154.00

Original Amount Approved

USD 1,199,340.00

Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
ATN/ME-14962-RG Non-Sovereign Guaranteed USD - United States Dollar Multilateral Investment Fund II (MIF) - Nonreimbursable
Operation Number ATN/ME-14962-RG
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: Multilateral Investment Fund II (MIF) -
  • Financial Instrument: Nonreimbursable

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Implementation Phase
https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-39
ATNME-14962-RG PSR08100-06302020.pdf
Published Jul. 19, 2021
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https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-2
MIF_ Project Status Report ATN_ME-14962-RG [40820255].PDF
Published Jan. 20, 2017
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https://www.iadb.org/document.cfm?id=EZSHARE-22099652-4432
Plan Adquisiciones actualizado 2016 [40262797].XLSX
Published May. 04, 2016
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https://www.iadb.org/document.cfm?id=EZSHARE-22099652-4433
Plan Adquisicones actualizado 2016 [40777067].XLSX
Published Dec. 20, 2016
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https://www.iadb.org/document.cfm?id=EZSHARE-1983553961-32024
Promoting an Inclusive Remittances Market through Improvements in the Regulatory and Legal Framework and Availab [39487824].PDF
Published Jun. 05, 2015
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https://www.iadb.org/document.cfm?id=EZSHARE-1983553961-32025
Promoviendo un Mercado de Remesas Inclusivo mediante Mejoras en el Marco Normativo y Legal y Disponibilidad de D [39487832].PDF
Published Jun. 05, 2015
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https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-5
MIF_ PSRDef ATN_ME-14962-RG - Rep6373.pdf
Published Jun. 29, 2017
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https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-6
MIF Project Status Report-6-2017-ATN_ME-14962-RG - Rep6670.pdf
Published Feb. 02, 2018
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https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-7
MIF Project Status Report-12-2017-ATN_ME-14962-RG - Rep6990.pdf
Published Mar. 27, 2018
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https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-14
MIF Project Status Report-12-2018-ATN_ME-14962-RG - Rep8540.pdf
Published Mar. 07, 2019
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Other Documents
https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-11
Remittances to Latin America and the Caribbean in 2017 Greater Growth Dynamism.pdf
Published Aug. 27, 2018
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https://www.iadb.org/document.cfm?id=EZSHARE-1219852347-12
Un mayor dinamismo en 2017 del ingreso de remesas de America Latina y el Caribe.pdf
Published Aug. 27, 2018
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Blogs
Published 2023
Cómo aprovechar las remesas del extranjero en favor de la inclusión financiera
Las transferencias financieras personales realizadas por migrantes en el extranjero —conocidas como remesas— son habituales en los países con altos niveles de migración económica. Sin embargo, en muchos casos las transferencias se producen fuera del sistema bancario. Esto impide a los receptores de remesas acceder a servicios financieros fiables, como el ahorro, el crédito o
Blogs
Published 2023
Leveraging Foreign Remittances for Financial Inclusion
Personal financial transfers made by foreign migrants – known as remittances – are common for countries with high levels of economic migration. Yet, in many cases the transfers occur outside the banking system. This keeps remittance recipients from accessing safe financial services, such as savings, credit, or insurance, that improve their economic condition. Mexico is
Blogs
Published 2023
Récord en el envío de remesas a los países de América Latina y el Caribe en 2023
Los países de América Latina y el Caribe recibirán en 2023 la cifra récord de US$155 mil millones en remesas si se mantienen las tendencias observadas en el reporte “Las remesas a América Latina y el Caribe en 2023. Retomando el crecimiento previo” del Banco Interamericano de Desarrollo. Este monto representa un aumento del 9,5% respecto de los $142 mil millones recibidos en 2022, consolidando un crecimiento anual promedio en torno al 10% durante los últimos 10 años.
Blogs
Published 2024
Boosting Financial Inclusion Among the Vulnerable
By 2021, only 31% of Chile’s country’s population over 15 had saved in a financial institution, with especially low rates among the very poor, depriving them of the benefits of a range of financial services, including savings accounts, credit, and insurance products. The issue of how to increase financial inclusion and, in the process,
Blogs
Published 2023
Examining the Effectiveness of a Financial Inclusion Reform in Uruguay
In 2014, Uruguay launched an ambitious financial inclusion program, joining other countries in the region that have sought to give citizens greater access to banking and financial services and encourage the use of electronic payments instruments that avoid the need for cash. Unbanked people in Uruguay, as in other countries of the region, had traditionally lacked
Blogs
Published 2023
A New Miracle? The Promises of Digitalization and Financial Inclusion in Latin America
Latin America and the Caribbean has made a big leap towards using digital technologies to expand financial inclusion, and there are reasons to be hopeful: Several initiatives in the region have expanded the supply of innovative digital financial products which, in theory, should untap inclusive growth by enabling millions of micro and small firms and
Blogs
Published 2024
Impulsando la inclusión financiera entre los vulnerables
En 2021, sólo el 31% de la población mayor de 15 años en Chile había ahorrado en una institución financiera, con tasas especialmente bajas entre los más pobres, lo que les priva de los beneficios de una serie de servicios financieros, como cuentas de ahorro, crédito y productos de seguros. La importancia de aumentar la
Blogs
Published 2023
Remesas hacia América Latina y el Caribe en 2022: ¿el crecimiento llegó a su techo?
En 2022 las personas migrantes enviaron a los países de América Latina y el Caribe US$142.844 millones. Es un crecimiento de 12,1%, menos de la mitad de lo registrado en 2021 (25,9%). El crecimiento de las remesas en 2022 significó un influjo adicional de recursos de US$15.372 millones respecto del año anterior para las familias de la región.
Publications
Published 2022
Financial Inclusion and FinTech in Suriname
This paper examines the potential role FinTech can play to support Surinames financial inclusion efforts. Financial technologyor “FinTech”describes the integration of technology into financial services to improve their use and delivery to customers. More importantly, it has the potential to meet the needs of those population segments that are not the main target of traditional financial services models. FinTech applications include mobile banking, mobile money, point-of-sale, e-commerce, and digital currencies. These solutions have contributed to financial inclusion, strengthening financial development, economic growth, poverty reduction, and socioeconomic development. We find that Suriname is making progress in promoting the development and use of FinTech. Still, there is room for further improvement, especially in fostering an enabling environment to harness FinTech opportunities, strengthening broader financial sector policies, addressing potential risks, promoting international collaboration, and addressing critical country-specific challenges.
Publications
Published 2024
Taxation when Markets are not Competitive: Evidence from a Loan Tax
We study the interaction of market structure and tax-and-subsidy strategies utilizing pass-through estimates from the unexpected introduction of a loan tax in Ecuador, a quantitative model, and a comprehensive commercial-loan dataset. Our model generalizes bank competition theories, including Bertrand-Nash competition, credit rationing, and joint-maximization. While we find the loan tax is distortionary, neglecting the possibility of non-competitive lending inflates estimated tax deadweight loss by 80% because non-competitive banks internalize some of the burden. Conversely, subsidies are less effective in non-competitive settings. If competition were stronger, tax revenue would be 10% lower. The findings suggest that policymakers should consider market structure in tax-and-subsidy strategies.
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