The Germany-Serbia Remittance Corridor: Challenges of Establishing a Formal Money Transfer System PDF (Adobe DRM) download by Corrado Barberis

The Germany-Serbia Remittance Corridor: Challenges of Establishing a Formal Money Transfer System

The World Bank
Publication date: May 2006
ISBN: 9780821366592
Digital Book format: PDF (Adobe DRM)

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Serbia has become one of the largest remittance-recipient countries in the world. It is estimated that in 2004 Serbia received US$2.4 billion dollars in remittances from Serbian workers in Germany, the United States, Austria, Switzerland, Italy, and other countries. This amount represented 12 percent of Serbia's GDP. This report provides an overview of remittance flows from Germany to Serbia and analyzes why a large part of remittance transfers take place outside financial institutions. The study presents a series of recommendations on needed policy changes to facilitate the transfer of remittance flows from the informal channels to licensed or registered financial institutions, thereby maximizing the developmental impact of remittances, reducing remittances fees, improving data collection practices, and strengthening the regulation and supervision of the money transfer industry.
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