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Economic Slowdowns and Capital Movement: Reactions in the remittance market - November 2008 |
| Author: Jan Smith and Luis Soler | |
Remittance payments declined in recent months as a result of high unemployment, especially in the construction and real estate sectors, and rising interest rates. Recipient countries are beginning to feel the “aftershocks” of the economic crisis as they receive less funds from abroad. In an effort to cut costs, informal methods of money transfers are on the rise.
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