Guinigundo said derisking increases the cost of cash transfers, because additional charges are incurred in complying with anti-money laundering and counter terrorist financing necessities.
“In reality even the Arab Monetary Fund, IMF [International Monetary Fund] and The World Bank have documented numerous cases of derisking in the Middle East jurisdictions,” he said.
Latest facts from the BSP confirmed a year-on-yr drop in private and coins remittances in July.
Personal remittances stood at $2.35 billion in July, down five.Four percentage from $2.49 billion yr earlier, and had been additionally lower compared with the $2.57 billion in June.
Finance land blog 