Remittances drop 9.6% in Guatemala

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

Thursday, July 9, 2009

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".

More on this topic

Remittances to Guatemala fell by 9% in July

August 2011

After 16 months of continuous growth, remittances in July were down 9% compared to the same period in 2010.

According to the Bank of Guatemala (Banguat), remittances received in July totaled $349.8 million, 9% less than the $384.6 million received in the same month in 2010.

Guatemalan remittances at $4 billion

January 2009

At the end of 2008, remittances reported a 4.5% increase compared to 2007, the lowest growth since 1999, according to data from Banguat. reports that "for 2009 a growth close to zero is expected, however we do not believe that it will be less than in 2008," said Victor Lozano, an official from the International Migration Organization.

Remittances to El Salvador Drop 10.3%

July 2009

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.

Remittances averaged $290 million each month during this semester, whereas the average was $323.1 during the first half of 2008, according to data from the Reserve Bank (BCR).

Remittances Increase by 22% in Guatemala

April 2009

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

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.

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