El Salvador Reports the Largest Fall in Remittances in the Region
During the first four months of this year, the country reported the largest decrease in the volume of remittances in all of Central America.
Tuesday, June 30, 2009
According to a report from the Inter-American Development Bank, after 10 years of continuous growth, the interannual variation of remittances between the months of January and April showed a drop of 10%.
After 16 months of continuous growth, remittances in July were down 9% compared to the same period in 2010.
Fourth quarter of 2008 registers first decline in nearly a decade. Flows of money sent home by migrants hit by economic slowdown, exchange rate swings
In the first half of the year, $1.7 billion were sent to the country by Salvadorans abroad, 10.3% less than the same period of 2008.
The total remittances during October was $304.3 million or $400,000 less than the previous month.
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