Guatemala: Real value of remittances drops
The economic crisis in the US, combined with inflation and the value of the quetzal, is affecting a million homes that living off remittances.
Monday, October 6, 2008
Up to 27 September, the Bank of Guatemala reported that income from family remittances was $3.2 billion, an increase of only 6.4% in comparison to the same period in 2007 when the total was $3.05 billion at an increase of 14.2%; in 2006 remittance grew by 23%.
By country: Guatemala $4.37 billion; El Salvador $3.65 billion; Honduras $2.86 billion; Nicaragua $1.05 billion; Panama $592 millions; Costa Rica $530 millions.
In 2011, remittances reached $1.053 billion according to the IDB, accounting for 18% of GDP, 20% coming from Costa Rica, and the rest mainly from the U.S.
Despite the worldwide economic slowdown, remittances to families in Guatemala from members who live abroad have grown by 8.69 percent for the January-June period this year.
After two months showing a downward trend, remittances in March totaled $344.1 million, up 22% over the same period in 2008.
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