During the month of September, the country received $315.4 million in remittances, $12.7 million more than in the same period in 2012.
From a press release issued by the Central Reserve Bank of El Salvador:
Salvadorans living abroad sent remittances worth $2.9317 billion in the period between January and September 2013, an increase of $38.4 million, equivalent to a growth rate of 1.3% annually.
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.
The Federation of Credit Unions and Workers' Banks is to open 200 points of service in shops, pharmacies, and other retail areas.
With an investment of $5 million in technology, Fedecrédito next month will open 70 'Fede Punto Vecinos' (Fede Point Neighbors), out of a total of 200 non-banking correspondents which it plans to have by late 2013.
The aim of the Federation of Credit Unions and Workers' Banks (Fedecrédito) is to set up these Non-Banking Correspondents (CNB's by their initials in Spanish) in convenience stores, shops, pharmacies, hardware stores and other places where people can conduct transactions such as withdrawing money, collecting remittances and making loan payments, said Macario Armando Rosales, president of Fedecrédito.
Fedecrédito is looking to grant $236 million more in 2012 than last year in order to expand its credit supply in El Salvador.
Fedecrédito system, focusing on the sector of micro and small businesses, aims to grant $236 million in loans in 2012, bringing its portfolio to $1,031 million.
Elsalvador.com reports that until last April, the bank has loaned $30 million.
Fedecrédito joins Wells Fargo in order to capture a greater market share of remittances between the U.S. and the Central American nation.
"We believe that our Salvadoran population living abroad, will appreciate having adequate access to services, enabling them to send money home quickly and safely, with a network of branches with a presence nationwide", said Macario Armando Rosales Rosa , president of Fedecrédito.
The Federation of Credit Unions in El Salvador hsa signed a $20 million loan with the IDB for the construction and renovation of municipal markets.
Macario Armando Rosales, president of Fedecrédito said that funds from the Inter-American Development Bank will be directed to the municipalities through long-term loans.
The program aims to improve the conditions under which products and services are sold for large number of micro and small entrepreneurs.
The International Financial Corporation, part of the World Bank, will loan $30 million to Fedecrédito, for it to extend its loans to micro companies.
Armando Rosales, president of Fedecredito, explained that the collateral of these loans will be the flow of remittances sent by Salvadorans living abroad.
“He added that the money will be disbursed gradually during the next three months and will be used to lend more to micro companies and low income families, which they serve through 48 credit associations and 7 workers banks”, reported And.es.
The Multilateral Investment Bank (MIB) and the Federation of Laborers Credit Unions and Banks launched a financial support program for small and medium sized businesses.
The program seeks to provide financial resources coming from the MIB for small and medium sized businesses in order to help them to overcome problems cause by the international financial crisis and to contribute to the development of the sector.