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.

More on this topic

IDB sees remittances to Latin America declining in 2009

March 2009

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

After almost a decade of growth, remittances to Latin America and the Caribbean are likely to decline in 2009 for the first time since the Inter-American Development Bank started tracking these flows in the year 2000. Remittances have been decreasing since late 2008.

El Salvador Reports the Largest Fall in Remittances in the Region

June 2009

During the first four months of this year, the country reported the largest decrease in the volume of remittances in all of Central America.

According to a report from the Inter-American Development Bank, after 10 years of continuous growth, the interannual variation of remittances between the months of January and April showed a drop of 10%.

Fears in Nicaragua over possible downturn in migrants' remittances

July 2008

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.

The central bank, the BCN, continues to claim that remittances this year will show a 6 percent increase, but many economists say that the difficulties faced by the US economy have put that target out of reach.

Remittances for $13.06 billion to Central America in 2011

March 2012

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.

Inter-American Development Bank Report:

Remittances to Latin America and the Caribbean rose to $61 billion in 2011

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