This joint IMF-World Bank paper contains the analysis and conclusions of a study on the operational characteristics of the 'informal hawala system' used predominantly in the Middle East and South Asia. This term refers to money transfers that occur in the absence, or are parallel to, formal banking sector. Aspects discussed include: the historical and socio-economic context within which hawala has evolved; fiscal and monetary implications; current regulatory and supervisory responses.Implications for Work of the World Bank and the IMF Introduction in Section V commences with a review of the ... there is need to ensure that tighter controls do not negatively affect the availability and the cost of these services for the poor.
|Title||:||Informal Funds Transfer Systems: An Analysis of the Informal Hawala System|
|Author||:||Mohammed El Qorchi, Samuel Munzele Maimbo, John F. Wilson, International Monetary Fund|
|Publisher||:||International Monetary Fund - 2003-08-18|