The U.S. Federal Reserve has proposed new rules aimed at protecting consumers who remit money to relatives in countries in the Caribbean, Latin America and elsewhere.
Remittances to Guyana from the US are substantial on an annual basis and such reforms are likely to be welcomed by the remitter and the recipient.
Guyana was projected to rake in US$280 million in remittances last year, US$27 million more than the US$253 million received in 2009, the World Bank’s latest Migration and Remittances Factbook had said in November last year.
According to the