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Monday, October 13, 2008
Even as Guyanese remittance services continue to project a reduction in the flow of overseas remittances to that country as a consequence of the current downturn in the United States economy, the Inter-American Development Bank (IDB) has produced a report which suggests that the impact of remittances on the economies of Latin America and the Caribbean could decline to its lowest levels in a decade. The remittance forecast undertaken by the IDB's Multilateral Investment Fund (MIF) and published earlier this month projects that while remittances to countries in the hemisphere could increase by US$1bn from the last year's US$66bn, higher inflation levels were likely to reduce the real value of those remittances by around 1.7 per cent this year. The MIF projections come in the wake of disclosures by some remittance services in Guyana that remittances have already declined over the corresponding period last year.
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