Somali PM appeals to U.S. banks to resume money transfer services

February 8, 2015 2:59 PM

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Somali PM appeals to U.S. banks to resume money transfer services

MOGADISHU (Reuters) - Somalia's prime minister urged the U.S. government and U.S. banks to support money transfer firms that offer a lifeline for many in the war-torn Horn of Africa nation.

About 40 percent of all Somali families rely on remittances from another country, and the estimated annual total of $1.3 billion is more than all foreign aid and investment in Somalia combined.

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