Remittances Increase by 22% in Guatemala

After two months showing a downward trend, remittances in March totaled $344.1 million, up 22% over the same period in 2008.

Friday, April 17, 2009

The first three months of this year showed a decrease of 5.9% in comparison to an increase of 9.8% during the same quarter last year relative to 2007. published statements by Lisardo Bolaños, analyst of the National Center for Economic Research (CIEN) and Marcelo Coj, of the Association for Research and Social Studies (ASIES): "They indicated that a 22% increase for March is not a sign of recovery. So far, the US economy has shown no signs that it will come out of the financial crisis this year, so the flow of remittances is still uncertain."

More on this topic

Remittances to Guatemala Increase by 13%

July 2010

June’s 13.1% increase is the first double digit rise of the year.

Money sent home by Guatemalans living abroad totalled $394.2 million in June, the highest figure since August 2008.

The Bank of Guatemala reported that during the first six months of 2010 remittances total $1,986.3 million, a rise of 2.5% compared to the $1,937.2 million in the same period last year.

Guatemala: 7 Months of Crisis

September 2009

Key economic indicators show less economic deterioration than other countries of the region.

An article in Prensa Libre published comments by two Guatemalan economists, Mario Cuevas and Carlos González Arévalo. The former is president of the Center for Economic Investigations (CIEN), while the latter represents the Association for Social Studies and Investigations.

Remittances drop 9.6% in Guatemala

July 2009

In the first half of the year remittances reached $1.93 billion, $203 million less than the first half of 2008.

According to monthly stats published by the Banco de Guatemala (Banguat), remittances summed $349 in June, the highest monthly figure since October 2008.

Ruben Darío Narciso, consultant for the Asociation of Economic and Social Investigations (Asies, acronym in Spanish), was quoted by "A reduction in remittances has negative effects, causing a reduction on the purchasing power of households that receive the money, and increasing precaution when spending in goods and services".

No agreement on minimum wages in Guatemala

December 2008

The National Center for Economic Investigation (CIEN) is opposed to an increase in minimum wages for 2009, just as the private sector has expressed, and has presented other long term alternatives.

In the presentation of the Minimum Wages Policy in Guatemala, the CIEN proposed other mechanisms so that workers can improve their income and has move away from the position that the productive sector has manifested for years.

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