Worker remittances rise on Thai transfers

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Sor Chandara

Remittances received by Acleda Bank and Western Union, two of Cambodia’s leading institutions for cross-border money transfers, increased significantly last year, consistent with the World Bank’s estimate for rapid remittance growth in 2015, new data shows. Despite a decline in remittances from Malaysia and South Korea, the two financial institutions experienced a combined increase of $333.8 million in 2015, up 10 per cent over the previous year, according to So Phonnary, executive vice president of Acleda Bank.

She said that much of this growth could be attributed to a surge in money transfers by Cambodians working in Thailand. The two financial institutions reported a combined $140.8 million in remittances from Thailand last year, up 47 per cent from the $95.5 million recorded in 2014.

read more: http://www.phnompenhpost.com/business/worker-remittances-rise-thai-transfers

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...finally paying some of those hapless souls....