Squeezing Somalia.
Author | Doherty, Brian |
Position | U.S. restricts remittances - Brief article |
Somalia gets the equivalent of 35 percent of its gross national product from remittances, at least $1.3 billion from individuals abroad. That's more than the nation receives from all international aid (both governmental or private) and foreign direct investment combined. According to a February study from Oxfam, remittances likely provide up to 80 percent of Somali small business capital and "one out of every three Somalis" depends on remittances for "food, school or basic healthcare."
But thanks to U.S. Treasury regulations meant to stop money laundering for terrorists, the last U.S. hank to do major business with Somali money transferring companies. Merchant's Bank of California, stopped in February. Somali remittance services generally need to use a bank in the country from which the money is being sent, yet according to Oxfam's report, "in recent years [those businesses] have found it increasingly difficult to access banking...
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