A recent report by the World Bank provides an example from East Africa where, in 2021, the fee for sending 200 dollars in remittances from Tanzania to neighboring Uganda was 23 percent for a Ugandan migrant.1 I cannot begin to imagine giving up nearly a quarter of my income every month just to send that money home to my family.
This has included single-country initiatives, such as the Twinning programmes with the Bank of Albania, and the regional ESCB programme we are discussing today. In Phase I, as you are surely aware, we organised several training events (on banking supervision, payment systems and monetary policy) and bilateral activities (with the central banks of Kosovo and Serbia).