William Kramer

Remittances: The New York Times Gets It

Today’s New York Times has an editorial “Wiring Development” that, to my mind, picks up on what is really important from the IADB remittance study, “Sending Money Home”, namely the opportunity for Latin American banks to turn remittance recipients (and senders, too) into real, creditworthy customers, and to add a substantial part of the money stream into productive working capital, deepens the financial sectors of recipient countries, and begins to provide the financial literacy so critical to poverty alleviation. After a spate of mis-directed coverage, it’s gratifying to see that the newspaper of record sees the positive big picture.