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Hanging by a Thread: The ongoing threat to Somalia's remittance lifeline
Paul, Scott Schryer-Roy, Anne-Marie Murphy, Ben Pomfret, Ed
Paul, Scott
Schryer-Roy, Anne-Marie
Murphy, Ben
Pomfret, Ed
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2015-02-19
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Briefing note
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24
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English paper
Adobe PDF, 2.42 MB
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French paper
Adobe PDF, 2.26 MB
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Spanish paper
Adobe PDF, 2.16 MB
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Arabic paper
Adobe PDF, 1002.88 KB
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Somali paper
Adobe PDF, 853.04 KB
Description
Every year, the Somali diaspora sends home approximately $1.3bn. Remittances account for 25-45 percent of Somalia's economy and exceed the amount it receives in humanitarian aid, development aid and foreign direct investment combined. As Somali money transfer operators lose their bank accounts, Somali families are losing their only formal or transparent channel through which to send money. Somalia needs long-term support to build sustainable financial institutions, and urgent help to maintain its current remittance flows.
This briefing reviews international efforts to facilitate remittances to Somalia and focuses on the US and the UK, where the threat to the Somali remittance system is most acute. It also looks at the uncertain future viability of the Somali remittance industry in Australia.
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978-1-78077-806-8