Increase the impact of remittances

$600 billion
If the $600 billion that migrants send home to their families would circulate more often in their regions, this allows hundreds of millions more people to earn a living.
Also, entrepreneurial people might have less reason to migrate. Potentially, the approach of the Social Trade Booster, as explained in our book “Making Money Virtuous” could be used to multiply the circulation and increase the impact of remittances enormously.

• Research the potential impact of the Social Trade Booster on poverty reduction in general or for a specific country
• Create a project plan how to reach most of the migrant workers coming from a certain area or country
• When presenting an innovative solution such as this one, many people will come with objections why the proposed solution cannot work. Make an inventory of all possible arguments why the Social Trade Booster will not be feasible or will not increase the impact of remittances, so that we can work out upfront adequate responses to tackle these objections.
• Finding funds to finance a large-scale trial
• Research the current impact of money sent home on the exchange rate of the currencies of the receiving countries. When sending money, migrants exchange the money they earned into the currencies of their home countries. Does this result in a higher exchange rate and the so-called Dutch Disease making it hard for local entrepreneurs to compete with foreign products? And if so, what would happen if the money is not sent home, but stored in the currency of the rich country and only tokens representing the value circulated in poor communities within the conditioned payment environment of the Social Trade Booster? Would that lower the exchange rate and increase the competitiveness of local entrepreneurs?
  For a longer explanation, see chapter 7 of Making Money Virtuous

Can you contribute to take this one step further?
Get in touch with us by sending an email to info@socialtrade.org