Solving the Remittance Decline
Until recently, the nations of Latin America have been relatively unaffected by the financial crisis that is affecting the world’s leading economic powers.
Monday, May 5, 2008
However, there are growing signs of an infection that could influence Latin America indirectly. Experts worry about the drop-off in remittance payments sent home by Latin American workers who have settled in other countries to their countries of origin. Until now, these remittances have helped to reduce poverty, promote growth and reduce economic volatility in Latin America.
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
During the first four months of this year, the country reported the largest decrease in the volume of remittances in all of Central America.
The amount of dollar remittances sent home by Nicaraguans working abroad has not increased at all this year and some economists fear it will go down, to the cost of the nation's economy.
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.
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