El Salvador: Remittances Begin 2020 with 6% Increase

During January, the country received $425 million in family remittances, 6% more than in the same month in 2019.

Thursday, February 13, 2020

Economic growth and employment in the United States are two determining variables in the income of family remittances, since their performance influences the economy of those who send remittances to Salvadoran households. In this sense, economic growth in the fourth quarter of the United States for 2019 was 2.1%, according to an official report.

From the Central Reserve Bank report:

During January, El Salvador received US$424.5 million in family remittances, 95% of which came from the United States. In the first month of the year, family remittances reached a 6.0% growth, equivalent to US$23.9 million more than last year when US$400.6 million were received, informed the Central Reserve Bank.

In the financial system, 1.5 million operations were carried out under the concept of remittance income, with a 3.6% growth compared to 2019. Banking institutions participated as agents in the payment of 40% of total remittances, equivalent to US$169.8 million; other companies such as federations, credit unions and companies dedicated exclusively to the payment of remittances settled 57.9% of the total, i.e. US$246 million.

The country received US$403.5 million in remittances from the United States, which had a 6.3% growth. Other countries of origin of family remittances are Canada, Spain, Italy and Mexico, which together constitute 1.9% of the same. Remittances from Canada were US$3.8 million, growing 2.9%; those from Spain, with US$1.9 million, grew at a double digit rate; while remittances from Italy and Mexico decreased -9.1% and -6.7%, respectively.



More on this topic

El Salvador: Remittances Grow 9% up to February

March 2020

During the first two months of the year, the country received $874 million in family remittances, 8.8% more than in the same period of 2019.

The growth of family remittances shows a higher rate compared to the last two years. Among the factors that positively influence the results are a lower unemployment rate in the United States, the good performance of that economy last year and the growth of personal income.

El Salvador: Remittances Increased 4% up to April 2019

May 2019

During the first four months of the year, family remittances received by the country totaled $1.776 million, 4% more than reported in the same period of 2018.

Family remittances from El Salvador totaled $1.776 million in the first four months of 2019, $66.1 million more than the income received under this concept in the same period of the previous year, informed the Central Reserve Bank.

El Salvador: Remittances Increased 6% up to March 2019

April 2019

During the first quarter of the year, family remittances sent to the country totaled $1.298 million, 6% more than what was reported in the same period of 2018.

Family remittances from El Salvador totaled $1,297.7 million in the first quarter of 2019, presenting a 5.9% growth, $72.5 million higher than the income received under this concept in the same period of the previous year, informed the Central Reserve Bank (BCR).

El Salvador: Remittances Up 9%

May 2018

As of April, family remittances so far this year totaled $1.730 billion, registering a 9% increase compared to the same period of the previous year.

From a report by the Central Bank of Honduras:

El Salvador received US $1.729.6 billion in family remittances as of April 2018, with a growth of 9.2% and exceeding by US $145.7 million the income received under this concept in the same period of the previous year, the Central Reserve Bank reported. 

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