cover image: International Working Group on Improving Data on Remittance Flows Concept Note

20.500.12592/7xdg8n

International Working Group on Improving Data on Remittance Flows Concept Note

17 Apr 2022

Box 1: A Brief History of Efforts to Improve Data on Remittances Following a 2003 World Bank publication highlighting the importance of remittances as a large and stable source of external financing, the G–8 Heads of State meeting at Sea Island in 2004 called on the Bank to lead an effort to improve the data on remittance flows. [...] In January 2005, the World Bank hosted an international meeting with the objective of clarifying the needs of data users and agreeing on a strategy towards improving the availability and accuracy of data on remittances. [...] In 2009, the Group’s recommendations led to the publication of the International Transactions in Remittances: Guide for Compilers and Users (RCG), under the auspices of the IMF,. [...] Objectives of the Working Group The Working Group will: (a) attempt to monitor progress in the implementation of the remittance data compilation guidelines in accordance with BPM6; (b) improve timeliness and granularity of the remittances data (frequency, corridors, channels, types of senders and recipients); (c) improve cross- country and time series comparability of remittances inflows and outfl. [...] To that end the Working Group would: (a) draw on analyses of data collected through existing mechanisms, (b) strengthen the network for information flows among various institutions; and (c) maximize the benefits of information captured within the framework of the Compilation Guide on Remittances, BoP/IIP.
Pages
4
Published in
United States of America