International Remittances in Colombia

Mar 2007
Due to the growing importance of family remittance flows in the region, in mid-2004 the Centre for Latin American Monetary Studies (CEMLA) and the Multilateral Investment Fund (MIF) began designing a Project aimed at improving the statistical measurement of these flows. This Report is based on the findings of the Mission that visited Colombia in December 2006, formed by two teams that coordinated their work in the field of international remittances. This report on the remittance market in Colombia includes in depth: the economic context; the institutional and legal framework of this market; characteristics of the issuers, of the recipients and providers of remittances, the means and channels of payment; costs of remittance, disclosure, transparency and consumer protection, as well as the methodology for the measurement of these flows.