Pular para o conteúdo
CrossTech is part of The Platinum Network. Become a Member!
  • enEnglish
  • esEspañol
  • pt-brPortuguês
Linkedin page opens in new windowYouTube page opens in new windowTwitter page opens in new windowFacebook page opens in new windowInstagram page opens in new window
CrossTech
Cross Border Payments
CrossTechCrossTech
  • Home
  • About Us
    • Board of Directors
    • Who comes to CROSSTECH?
    • Industry Associations
    • WOMEN IN THE MONEY TRANSFER INDUSTRY AWARDS
    • IDFR – International Day of Family Remittances
    • Contact Us
  • Conferences
    • Past Conferences
      • IMTC WORLD
        • WORLD 2022
        • IMTC WORLD 2021
        • IMTC WORLD 2020
      • IMTC LATAM
        • LATAM 2022
        • IMTC LATAM 2021
        • IMTC LATAM 2019
      • REGLIANCE
        • REGLIANCE 2021
      • IMTC EMEA
        • IMTC EMEA 2021
        • IMTC EMEA 2019
        • IMTC EMEA 2018
      • IMTC ASIA
        • IMTC ASIA 2018
        • IMTC ASIA 2016
      • IMTC AFRICA
        • IMTC AFRICA 2019
        • IMTC AFRICA 2017
      • IMTC BRASIL
        • IMTC BRASIL 2018
        • IMTC BRASIL 2016
      • REMTECH AWARDS
        • CROSSTECH AWARDS 2022
        • REMTECH 2020
        • REMTECH AWARDS 2019
    • Past & Present Sponsors
    • Past Speakers
    • Past Participants
  • Magazine
  • Blog
Search:
  • Home
  • About Us
    • Board of Directors
    • Who comes to CROSSTECH?
    • Industry Associations
    • WOMEN IN THE MONEY TRANSFER INDUSTRY AWARDS
    • IDFR – International Day of Family Remittances
    • Contact Us
  • Conferences
    • Past Conferences
      • IMTC WORLD
        • WORLD 2022
        • IMTC WORLD 2021
        • IMTC WORLD 2020
      • IMTC LATAM
        • LATAM 2022
        • IMTC LATAM 2021
        • IMTC LATAM 2019
      • REGLIANCE
        • REGLIANCE 2021
      • IMTC EMEA
        • IMTC EMEA 2021
        • IMTC EMEA 2019
        • IMTC EMEA 2018
      • IMTC ASIA
        • IMTC ASIA 2018
        • IMTC ASIA 2016
      • IMTC AFRICA
        • IMTC AFRICA 2019
        • IMTC AFRICA 2017
      • IMTC BRASIL
        • IMTC BRASIL 2018
        • IMTC BRASIL 2016
      • REMTECH AWARDS
        • CROSSTECH AWARDS 2022
        • REMTECH 2020
        • REMTECH AWARDS 2019
    • Past & Present Sponsors
    • Past Speakers
    • Past Participants
  • Magazine
  • Blog

TURKEY: Remittance Inflows & Outflows

Você está aqui:
  1. Início
  2. Perfil País
  3. TURKEY: Remittance Inflows & Outflows
Apr152015
Perfil País

Turkey, which for years was a large recipient of remittances (5 Billion in 1998) has seen a significant market change with a vibrant sending market that might reach USD $0.5 Billion in 2015 while the inflow that started declining in the year 2000 has dropped to less than USD $1 Billion two years in a row.

IMTC-Turkey_Remittance_Graph_lg

Inflows have been coming down for 15 years

Funds sent by Turkish migrants in Western Europe and other parts of the world have been in a declining trend for the past 15 years. Although some figures show that In 1998, 2.8 million Turkish expats sent USD $8.2 billion to Turkey, the World Bank data shows $5.4 Billion; the difference being on the accounting of personal transfers vs. capital transfers probably. But the decline started in the year 2000 when the drop in remittances went from $4.6 B to$ 2.8 B the year after. In 2012 it hovered above $1 B dropping slowly year after year.

Outflows have been going up for 10 years

At the same time, Remittance Outflows have been taken an upward trend in the last ten years, coming from close to $100 Million in 2005 doubling in year 2011 to $200 Million with estimates for 2014 standing at $400 M with $ 500 M just around the corner. A Wealth Amnesty Law was passed in 2009 to convince Turks to bring funds deposited abroad back without fines or punitive taxes and help mitigate the effects of the global financial crisis: $28 billion were reported back. In 2012 the Parliament issued new amnesty legislation taxing the returned funds 2% instead of the 30-40% and promising that Turks would avoid investigations of whether or not the wealth was generated in Turkey and improperly kept overseas.

Remittance Service Providers (RSPs) in Turkey

The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası, TCMB) is the main regulatory body of remittances in the country. A Licensed is needed to provide international money transfer operations. Banks are allowed to provide the service.

Some of the major RSPs are banks: UPT – Universal Payment Transfer (formerly part of Aktif Bank), Garanti Bank, Yapi Kredi,Finansbank  (Western Union agents), DENIZBANK, BANK ASYA (MoneyGram Agents).

Please help us update this information by sending us a note with our contact form

Migration & Remittances in Turkey

Traditionally, Turkey has been known as a country of emigration.Since the early 1960s and for close to twenty years large numbers of Turks migrated to Western Europe, particularly West Germany and Belgium. After that family reunification programs kept migration high. But Turkey has for centuries been a country of passage between East & West and the home to many migrants and refugees coming from the unstable regions south & west of the country’s borders.

Transit migrants coming from Asian countries such as Afghanistan, Bangladesh, Iraq, Iran, and Pakistan and the Middle East, like Iraq and Syria have passed through Turkey but some have stayed. The Balkan War drove many Bosnian Muslims and Pomaks (Bulgarian-speaking Muslims) . into the country, as well as Kurdish refugees from Iraq. Turkey, with a population of more than 70 million, has also become a destination for irregular migrants from the former Soviet Bloc countries. http://bit.ly/1OgyxCv

Incoming migration creates remittance outflows as these newcomers need to send money home and the statistics and the destination of remittances gives us a good view of the market. At IMTC EMEA we are going to have a first seat to this interesting panorama developing in front of our eyes.

Turkey, which is inching closer to become part of the EU, knows that it needs to control its borders. More than 1.3 Million Syrians have arrived under a temporary protection system but the country is not able to provide jobs and security for all the i migrants arriving and overstaying the easy to obtain Visas. The situation is complex but very interesting. For more on the up-to-date situation I encourage you to read this article from September 2014.

Turkey’s Gross Domestic Product

The Gross Domestic Product (GDP) in Turkey expanded 2.60% in the fourth quarter of 2014 (Q4) over the same quarter of the previous year (2013 Q4). GDP Annual Growth Rate in Turkey averaged a robust 3.90% from 1999 until 2014, reaching an all time high of 12.60% in the first quarter of 2010 and a record low of -14.70% in the first quarter of 2009. Considering full 2014, the GDP grew 2.9%, lower than a 4.2% increase in 2013. This handsomely beats the indexes of its neighbors, specially Greece who is finally out of negative territory and growing less that 1% in the last quarter (4Q 2014 was 1.20%.


source: tradingeconomics.com

FROM TRADING ECONOMICS

http://www.tradingeconomics.com/turkey/remittances

Turkey Remittances 1984-2015 | Data | Chart | Calendar | Forecast | News
Remittances in Turkey increased to 50 USD Million in February of 2015 from 47 USD Million in January of 2015. Remittances in Turkey averaged 183.89 USD Million from 1984 until 2015, reaching an all time high of 574 USD Million in September of 1998 and a record low of 43 USD Million in February of 2003. Remittances in Turkey is reported by the Central Bank of the Republic of Turkey.

Categoria: Perfil PaísPor Hugo Cuevas-MohrApril 15, 2015
Share this post
Share on FacebookShare on Facebook TweetShare on Twitter

Navegação de post:

AnteriorPost anterior:The House Financial Services Committee LettersPróximoPróximo post:LEBANON: Remittance Inflows & Outflows

Related Posts

Nigerian Diaspora and Remittances: Transparency and Market Development
August 21, 2019
Preparing for IMTC ASIA 2018 in September
May 7, 2018
The Antimonopoly Prosecutor in Chile sides with MSBs on Bank Account Closures
November 13, 2017
Blockchain-based solutions to the Caribbean derisking problem
October 4, 2017
Remittances, Migration & the Trump Effect: The Press Asks Questions
January 23, 2017
Remesas, Migración y el Efecto Trump: La Prensa Pregunta
January 23, 2017
Are you a PNET Member?

If you have not joined our industry community yet, go to PNET and sign up. You can get membership perks and discounts for IMTC conferences!

Keep on Learning!
Check our online courses:

MTTC Money Transfer Compliance Certication Course. Check the version in English &  la versión en Español.
Watch video presentation of our courses here.

PNET Logo
The CrossTech Conferences are developed by The Platinum Network, producer of the CrossTech Innovation Awards --formerly the Remtech Awards-- and the CrossTech Compliance Conference. --formerly Regliance--

THE PLATINUM NETWORK
7700 N Kendall Dr Suite 407
Miami, Florida 33156

WhatsApp: +1 (786) 731-5507

Important Links
IMTC in Twitter
IMTC Linkedin Group
IMTC in YouTube
IMTC in Facebook
IMTC in Instagram

Terms & Conditions
Visa Letter Information
Privacy & Cookie Policy
Hotel Reservation Fraud
Latest Tweets
  • January 22nd started the lunar new year and this is the rabbit's year. One of the 12 animals of the Chinese zodiac.… twitter.com/i/web/status/16187…

    January 26, 2023 10:51 pm

  • Here is the team who gave us a glimpse of their knowings about compliance during CrossTech World 2022. We love you… twitter.com/i/web/status/16183…

    January 25, 2023 11:14 pm

WhatsApp us