According to information from El Salvador's central bank (BCR), in the month of July alone $6.7 million more was remitted than in the same month of 2009.
The central bank's Economic Research and Statistics department explained that, "the recovery of remittances has been constrained by the high level of unemployment in the USA, which was 9.5% in July for the population as a whole and 12.1% among Hispanics, still well above the levels seen before the financial crisis began," reports Elsalvador.com.
During the month of August remittances to El Salvador totaled $326.6 million, $11.2 million more than in the same period in 2012.
From a press release issued by the Central Reserve Bank of El Salvador:
Remittances from Salvadorans living abroad during the month of August 2013, totaled $326.6 million, up by $11.2 million and recording a growth rate of 3.5% compared to the same month last year, reported the department of Studies and Economic Statistics at the Central Reserve Bank.
Remittances, vital for the country's economy, saw a 4.5% increase, year-on-year in the first quarter of 2011.
On average, in the first quarter of the year the country received $286.6 million in remittances, 0.9% more than the figure recorded in the same period of 2010.
"Remittances are an important source of income for the Salvadoran economy, making up 16.3% of the annual Gross Domestic Product (GDP), equivalent to 76.7% of total export value and covering 40.1% of the value of goods imported," according to Elsalvador.com.
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