Drop in remittances creates concern in the Region

The drop in remittances sent to Central America and Mexico, due to the financial crisis in the US, is a "very strong blow" that requires a regional program.

Tuesday, October 7, 2008

"The drop in remittances is a very strong blow that is starting to be felt" in Central America, said Alejandro Solorzano, president of the Central American Parliament commission on International Relations.
In El Salvador it is almost $3 billion; in Guatemala it is around $5 billion; in Nicaragua it will be around some $1.5 billion annually," he estimated.

More on this topic

Remittances at Risk: The Trump Factor

January 2017

The US president is already putting into practice his premise "America First", which leads Central America to anticipate negative changes in the flow of remittances from that country.

From a statement issued by the Central Institute for Fiscal Studies (Icefi):

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%.

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.

Solving the Remittance Decline

May 2008

Until recently, the nations of Latin America have been relatively unaffected by the financial crisis that is affecting the world’s leading economic powers.

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.

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