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Economy & Business - April 2006
What remitters do in Colombia
The Colombian central bank recently published a detailed report on how remittances are transferred to recipients in Colombia. Almost half the money comes from the US (and over half the number of payments). Still the overwhelming bulk of the payments (90% in 2004), are handled by casas de cambio. Significantly, however, the casas grip on the market has fallen from its 95% share in 2001: the gainers have been banks and other intermediaries, such as stockbrokers and commercial finance companies. Under Colombian law remittances have to go through registered agents.
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