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Bank of Russia

Bank of Russia. Practical and Methodological Approaches Towards Measuring Remittances. Washington, June 2009. Role of Remittances. Russia: tops the list of emerging market economies in terms of the number of migrants in its territory

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Bank of Russia

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  1. Bank of Russia Practical and Methodological Approaches Towards Measuring Remittances Washington, June 2009

  2. Role of Remittances Russia: • tops the list of emerging market economies in terms of the number of migrants in its territory • value of remittances from Russia in 2007 amounted to 7% of the world’s total and was second only to the United States (balance of payments data)

  3. Cross-Border Transactions of Individuals • In 2004 data collection was initiated • The reporting population covers banks, MTOs and Russia’s Federal Postal Service • Database includes information on all international transactions of individuals • In 2008 flows to Russia plus flows from Russia were valued at $51.9 billion, or 3.1% of Russia’s GDP. Outflows exceeded inflows by $30 billion (1.8% of GDP).

  4. Cross-Border Transactions of Individuals • Indicator covers • flows in Russia (from Russia) in favour of (from) resident individuals and non-resident individuals • payments related to merchandise trade, trade in services, financial transactions etc. • Remittances are only part of it • Comparing Russian data on cross-border transactions conducted via MTOs with other countries’ statistics showed similar results

  5. Bilateral Comparison of Cross-Border Remittances via MTOs $ mln

  6. What do Countries Mean under Remittances? $ mln Comparison of Remittances from Russia to Armenia in 2008 The table has been compiled in cooperation with the Central Bank of Armenia

  7. Definition of Remittances • Latest recommendations of international organisations and statistical forums contributed to the process of defining remittances and arranging the corresponding statistical accounting • Personal remittances and total remittances are a good statistical approximation to the definition of remittances

  8. Definition of Remittances • Disaggregation of data collection: • non-residents and residents • residents broken down by purpose • Problems: • unclassified cross-border transfers: 18% of payments and 33% of receipts • dual citizenship • large size transfers (payments relating to merchandise trade)

  9. Money Transfers in favor of Individuals to Russia payments for services payments for goods nonresidents residents wages and salaries 25% 75% remittances without quid pro quo transfers of own funds real estate purchase/sale other

  10. Money Transfers abroad from Individuals in Russia payments for services payments for goods remittances without quid pro quo residents nonresidents 62% 38% transfers of own funds real estate purchase/sale other

  11. Cross-border Transactions of Individuals by Countries CHINA, PR.: MAINLAND UZBEKISTAN TAJIKISTAN UKRAINE TURKEY SWITZERLAND Transfers from Russia NETHERLANDS Transfers to UNITED STATES Russia GERMANY UNITED KINGDOM -5 -4 -3 -2 -1 0 1 2 3 4 Data on top 10 countries by turnover in 2008, $ bln

  12. Data Source Cross-border transactions of resident and nonresident individuals (payments/receipts) RESIDENTS NONRESIDENTS Goods Services Deposits Real estate Remittances Wages receipts Small Value Transactions Large Value Transactions* Merchandise Trade Services Direct and Other Investment Personal Transfers + Capital Transfers Transfers via Banks and MTO’s Transfers in Cash Travel Taxes and Social contributions Compensation of Employees Personal Remittances BALANCE OF PAYMENTS STATISTICS *Merchandise Trade

  13. Personal Remittances in BPM5 and BPM6

  14. Personal Remittances in BPM5 and BPM6

  15. Personal Remittances in BPM5 and BPM6

  16. Compensation of Employees Model

  17. Further Developments • To estimate the value of transfers through hand-carry • To publish personal remittances by country as supplementary information • To include electronic transfers via Internet • To compile mirror statistics with major recipient countries

  18. Further Developments • To study the remittances impact not only on the economies that supply migrant workers, but also from the standpoint of the effect that migrant workers have on the economic development of host countries • Value added produced by migrants and not repatriated to their home countries can be a macroeconomic measure of this effect

  19. Further Developments • To study the remittances impact not only on the economies that supply migrant workers, but also from the standpoint of the effect that migrant workers have on the economic development of host countries

  20. Thank You

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