BRIEF

Global Remittances Working Group

March 9, 2016



In 2009, the World Bank Group created the Global Remittances Working Group (GRWG) to coordinate the work on remittances at the international level. The GRWG includes representatives from governments and international experts in the area of remittances and allows their participation as observers of the industry and civil society.*

The GRWG was instrumental in securing the G-8 and G-20 endorsement of the “5x5 objective”: an initiative to reduce remittance cost by 5 percentage points within five years which was active from 2009 to 2014. Despite the conclusion of the “5x5 objective”, the remittances cost reduction objective has since been reconfirmed by the G20 in 2014, and more recently, an even more ambitious target (3 percent) has been adopted among the new 2030 United Nations Sustainable Development Goals.

Progress in the global efforts towards remittance cost reduction is monitored through the Remittance Prices Worldwide (RPW) database, which is managed by the World Bank. RPW covers 300 “country corridors”, including 35 remittance-sending countries and 99 remittance-receiving countries. The Secretariat regularly updates the GRWG on trends and analyses of global remittances costs. RPW has been instrumental in monitoring global remittance costs.

The GRWG is chaired by Gloria Grandolini, Senior Director for the Finance and Markets Global Practice at the World Bank Group.


*GRWG members include representatives from governments and international organizations, but also facilitates involvement of representatives from the private sector, including remittances and payment service providers, and civil society, who participate as observers.


The work of the GRWG is divided into 4 Thematic Areas (TA): 

  1. Data and statistics on flows
  2. Interconnections with migration and development
  3. Payment Systems and Market Infrastructure
  4. Remittance and their impact on Financial Access. 
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Four thematic areas of the Global Remittances Working Group
 

Thematic working areas 1 and 2 are coordinated by Dilip Ratha, Lead Economist of the Development Research Department at the World Bank. One of the key activities is to report to GRWG on the trends of international remittance flows.

Thematic working areas 3 and 4 are coordinated by Massimo Cirasino, Adviser/Global Lead for Payments and Market Infrastructure of the World Bank Group and includes monitoring the cost of remittances through the Remittance Prices Worldwide (RPW). 



Global Remittances Working Group Meetings

The GRWG holds meetings twice a year, typically at the margin of the World Bank/IMF Spring Meetings and Annual Meetings. The meetings cover the most recent updates on remittance trends and discuss emerging issues related to remittances.

Recent discussions undertaken by the GRWG include:

  • The phenomenon of “De-risking” and its impact on the global and regional remittances market
  • The possibility to link remittances flows to the evaluation of credit worthiness for both migrants and their families
  • Improved data collection of remittance flows
  • Regional Efforts to improve remittance infrastructure and markets

Participation in the GRWG meetings is by invitation only. Please contact the GRWG secretariat if you are interested in participating in the meeting.

Secretariat of GRWG

Carlo Corazza, Senior Payment Systems and Remittances Specialist (ccorazza@worldbank.org)

Isaku Endo, Senior Payment Systems and Remittances Specialist (iendo@worldbank.org)