Improving Central Bank Reporting and Procedures on Remittances Latin American and the Caribbean René Maldonado

Remittances Flows to LAC $us Million & Var. YoY Fuente: Elaborado con información de BID y BoPSY Remittances to LAC

Occupation and salary Employment and labor force of Latinamericans in EEUU Occupation and salary of Latinamericans in EEUU Fuente: panel izquierda BID, panel derecha elaborado con datos de BLS

What we have been doing Goal: –improve and/or implement procedures for statistical measurement of remittances in CBs (including formal and informal channels) –promote the adoption of good international practices in order to harmonize regional methodology Base documents: –Base line assessment –Glossary –CEMLA Remittances Compilation Guide –BoP Mannual 5 –Now: BoP Mannual 6 –Now: Luxembourg Group Compilation Guide

How we are doing Seminars and courses: –reinforce the guides Permanent Virtual Forum: –News and share information and data Diffusion activities: –Mantain only one way Country Missions –Assessment –Confidential Recommendations Report –Descriptive Public Report Data Base

FX effect on the Remittances Flows Sending side effect $US / Euros Recipient side effect $US/Local Currency Fuente: panel izquierda BID, panel derecha BID Var. Mensual (%)

Data Base Design: –Each CB sends in and out bounds by (main) countries –Quaterly. Number and value –Return to CBs in bilateral basis –Regional public reports in mutilateral basis Problems: –Not all the CBs have the data: But they are changing the report forms, setup surveys, etc. But some of them need help. –The source countries are less involved –The CBs dont have data by countries from the MTOs

Some Output from the Data Base Bilateral Remittances Country X – Country 1 Multilateral Remittances Country X – Countries 1…10 brecha Fuente: Extraído de la base de datos

Thank you! René Maldonado