VOLUME 13 ISSUE 34

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VOLUME 13 - NO. 34

AUGUST 26TH, 2017 – SEPTEMBER 2ND, 2017

Website: www.suntci.com

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OVER $121 MILLON IN MONEY TRANSFERS LEAVING TURKS AND CAICOS ISLANDS by Hayden Boyce Publisher & Editor-in-Chief

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ore than US$121million was sent out of the Turks and Caicos Islands through money transfers between January 2016 and March 2017, according to the latest figures from the Financial Services Commission (FSC). An analysis of the figures showed that most of those funds went to Haiti ($36million), followed by the Dominican Republic ($23million), USA ($14million), Philippines ($14million), Jamaica ($9million), other countries ($7.8million), The Bahamas ($1.9million) UK ($852,879) and Canada ($639,725). Haiti and the Dominican Republic were again the largest receivers of outbound funds, together accounting for over 50 per cent of outflows. An average of $8million left the TCI each month during the period under review, and most of the funds were sent through MoneyGram, followed by CAM, then Western Union in a distant third. On average, $2.4million was sent to Haiti each month during that time, whereas $1.5million went to the Dominican Republic each month, just under $1million to the Philippines and the USA, while Jamaica received an average of $600,000 per month, and The Bahamas, about $126,000 per month. Commenting on the outflow of money transfers, the FSC said: “The money transmitter sector continues to play an important role in the financial infrastructure by facilitating international payments for the expatriate population in particular. Though the sector is currently being negatively impacted by ongoing regional de-risking, the three licensed firms continue to expand their agent and sub-agent networks and increase the range of ancillary services provided.” During 2016, total remittance outflows increased to $96.7millionn, from the $87.million

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Ministry of Education awards 2014 scholars Tristan Greene & Ryesha Higgs

ristan Greene and Ryesha Higgs have finally been awarded for their accomplishments from former Government’s refusal to name Tristan Greene and Ryesha Higgs as National Scholars in 2014. The Ministry of Education held a ceremony on Thursday August 24th, 2017

recorded at the end of 2015, while inflows increased to $7.5million, up from the $6.3million recorded in 2015. REMITTANCE INFLOWS In terms of inflows for the year 2016, some $3.3million came from the USA, $1.5million from other countries, $1.1million came from Haiti, $308, 615 came from The Bahamas, $32,148 from Canada, $277,462 from Dominican Republic, $156,901 from Jamaica, $44,585 from the Philippines, and $216,732 from the UK.

at the Premiers Office, Providenciales to award the 2014 scholars Tristan Greene, Ryesha Higgs and Joshua Williams who all received plaques. Also present at the awards ceremony to show their children support were Rose Higgs (Mother of Ryesha Higgs), Clayton Greene and his wife Heather Allen (Parents of Tristan

Green) and representatives for Joshua Williams who was unable to attend the ceremony. pictured here are Rose Higgs, Ryesha Higgs, Hon. Karen Malcolm, Tristan Greene, Heather Allen and Clayton Greene.

Meantime, according to latest figures from 2015 data analyzed by the World Bank, money transfers to the Caribbean and Latin America continued to see the most rapid growth rate worldwide, increasing by 4.8 percent to $66.6 billion in 2015. The top ten Caribbean destinations for remittances are as follows: 1: Dominican Republic $5.1 billion in remittances from migrants overseas. Conservative Census data shows there are over 687,000 foreign

born nationals from the Dominican Republic in the United States alone. 2: Jamaica $ 2.3 billion remittance inflows in 2015, according to the World Bank estimates. Census estimates claim there are over 700,000 Jamaicans in the US. 3: Haiti $2.1 billion in remittance in 2015. The Caribbean nation of Haiti, which has some 628,000 nationals in the US. Continued on Page 2

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