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Enhancing Remittance Data Collection: Strategies for Improved Global Statistical Reporting

Explore strategies to enhance remittance data collection for improved global statistical reporting. Focus on facilitating household-to-household transactions and fostering an enabling environment for financial deepening. Collaborative efforts aim to harmonize data quality and compilation guidance by establishing a bilateral data set. Action plan includes forming an Interagency Working Group and utilizing existing frameworks to streamline remittance data reporting.

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Enhancing Remittance Data Collection: Strategies for Improved Global Statistical Reporting

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  1. Strategy, method for improving concept of remittances and data Next Steps

  2. Data needs • Remittances have gained the attention of policy makers due to their size and their potential development impact. • Macroeconomic management: stable flows, trade policy focus in relation to GATS. • Development: unique flows that benefit households, including the poor, can be enhanced. • Enabling environment and financial deepening

  3. Specific requests: • Household to household transactions, less concern about ‘worker’ and ‘migrant’ concepts • Aggregate data is most important, followed by bilateral data. • Transfer channels (including informal), frequency of flows, costs, regulatory conditions. • Improvements in data quality are important. • Use of household survey data.

  4. TOR for an IWG to improve remittance statistics • G7 set out draft terms of reference calling for: • improved definitions of remittances; • enhanced compilation guidance; • establishment of a bilateral data set. • Present draft: statistical working group report and conference by September. • Resource issues.

  5. Existing frameworks and cooperative efforts to build on • TSG on Movement of Natural Persons • Work in framework of BOP Committee, and planned improvements in progress • Recent work to estimate remittance flows (countries and agencies) • Planned HHS

  6. Next Steps towards a joint WP to improve remittances data: • Review the TSG group role to adjust and take on new conceptual work for remittances • Use BOP framework and work underway to improve concepts and reported data • Agree on a common set of global estimates - update recent estimates • Harmonize HHS planned by various agencies

  7. Next Steps towards a joint WP to improve remittances data (cont.): • Form an IWG based on G7 request • need to formalize • finalize TOR based on this meetings • deal with some cost implications • Or “City Group” to focus on country data compilation and collection issues

  8. Action plan between now and September – what is missing? • Information sharing • Use of web site, e-mail groups • Report • Drafting group • Scope (stock take, forward strategy) • Meetings • Estimation of bilateral flows • H/H survey guidance

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