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Monday, April 19, 2004

Remittances (Remesas)

Federal Reserve Governor Ben S. Bernanke gave a speech at a conference on financial access for immigrants on the topic of remittances:

Many immigrants to the United States send substantial shares of their earnings -- sometimes half of their income or more -- to family members in their home countries. The U.S. Department of Treasury estimates that remittances to developing countries totaled more than $90 billion last year.

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