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 365 “country corridors”, including 48 remittance-sending countries and 105 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.