El Salvador 2014: Remittances Up 6.7%

In 2014 the country received $4.217 billion in remittances, $263.6 million more than in 2013 and for the first time surpassed the $4 billion mark.

Tuesday, January 20, 2015

From a statement issued by the Central Reserve Bank of El Salvador (BCR):

In 2014, El Salvador received $4.2172 billion in remittances, an increase of 6.7% compared to the previous year, equivalent to $263.6 million more than in 2013, thereby exceeding for the first time the $4 billion mark in remittances, said the Central Reserve Bank of El Salvador.

The increase in remittances contributes to improving household disposable income, encouraging the consumption made by this sector, which invigorates the economy through demand.
The payment of remittances received in the year was made via 20.9 million transactions, of which 15.9 million correspond to monetary remittances and 5.0 million to top up payments made from abroad to cell phones belonging to Salvadorans living the country.

Of total remittances received, 59% were paid through banks, in the amount of $2.4889 million, equivalent to 9.2 million transactions; 35.6% was liquidated by federations, agents and other companies in the amount of $1.498 billion corresponding to 6.6 million transactions; 0.7% corresponded to revenue from recharging cell phones accounts, amounting to $30.9 million performed in 5.0 million transactions. The rest of the remittances were transferred by relatives who visited El Salvador, beneficiaries who traveled to the United States and managers of parcels sent.

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