the UN offers to ease the financial contacts of migrant workers left behind families who live solely off the earnings of foreign relatives. The organization believes that the time has come to make their money transfers are free, as the interest that you have to pay for the transaction, particularly in terms of coronavirus, taking the last penny and you risk to put the countries from which migrants come, the economic damage is as serious as COVID-19. Experts believe that the financial intermediaries of Russia is unlikely to agree with the initiative of the United Nations, but would still try to make more money on migrants.
Take the initiative, experts are guided by the UN as a noble, and so pragmaticheskie feelings. Three quarters of the world’s migrants originate from countries whose populations are most affected by the epidemic of the coronavirus. The private economy of such States, mainly third world, often fail to provide citizens a decent livelihood. So they have to settle the funds transferred by relatives who are lucky enough to find a lucrative job abroad — more than 90% of foreign remittances are sent to countries where the spread of the coronavirus is catastrophic.
According to the UN representative Judith Karl, as a result of the pandemic, many migrants lost their source of income and I use only the social support. “Those who kept jobs, face difficulties when trying to transfer money to families — because of the quarantine, many services do not function in full,” she says. If the state of the labor market international organization cannot influence, then they are quite capable to improve the terms of transfer of funds — for example, make such operations free of charge. Otherwise, the funds that migrants send home, only this year will drop 20 percent to $440 billion.
Now, according to the world Bank, 800 million people around the world exist only due to the remittances earned by migrants, whose number is estimated at 250 million, it is Obvious that the decrease in income from overseas relatives will cause irreparable blow to family budgets of most of the population of the poorest countries.
In our country the market of money transfer systems has blossomed 10 years ago. Citizens of the CIS, primarily working in Russia transfer to the home to 90% of salary. The transfer fee depending on the amount is 0,7-1,5%. The money received by providers, including banks and payment systems.
the Total amount of remittances sent by migrants from Russia abroad is $7.5-$9.5 billion annually. “Most deNegi were received by the citizens of the CIS: Armenia, Tajikistan, Kyrgyzstan, Azerbaijan and Kazakhstan. The absolute leader remains Uzbekistan, which accounts for 30% of transfers. Also a lot of money was transferred to Turkey, China and Ukraine”, — said the head of IAC “Alpari” Alexander Razuvaev.
Cancel interest with such transactions, as the expert believes, will cause extremely aggressive dissatisfaction with intermediaries that help workers listing. For example: in 2019, from Russia to the family of Uzbekistan had sent about $2 billion In Russian offices by transfer of funds settled at least $20 million in Total by sending migrants in Russia earned cash back to their families only in the CIS, domestic banks and profile system annually earn at least $100 million
this year the situation with sending money migrants will worsen. In terms of quarantine were hardest hit came from abroad, builders, taxi drivers, workers of public catering and sellers. The volume of remittances, experts predict, will fall by 50-70%. “Payment systems in this background do not reduce or zero out the Commission. The world’s largest payment system in the next corporate social initiatives may cease to charge fees for services that transfer funds to relatives in Africa or the middle East. However, translations services are a business, and it is unlikely every financial organization, the more Russia will refuse from such earnings in favor of the councils of the UN. On the contrary, in our country, the likely increase in fees for transfers as the break-even point in the world yet no one has canceled” — said Razuvaev.
