El Salvador: Remittances Exceed $5 Billion

From January to November 2019, the country received $5.099 million in remittances, 5% higher than reported in the same period of 2018.

Friday, December 13, 2019

In November, the country received $458 million in family remittances, more than the $424 million that came in the same month in 2018. In addition, 1.7 million transactions were recorded in the financial system under this concept, reported the BCR.

From the BCR report:

Remittances received from the United States represented 95% of the total, with a total of US$4,842.2 million and a 5.2% growth with respect to the previous year; the second country with the highest amount of family remittances sent was Canada with US$46.2 million, experiencing a 5.3% growth. With respect to remittances from Mexico and Spain, growth rates of close to 27% were observed in both cases.

One of the classifications of family remittances is the segmentation into current remittances and capital remittances. Current remittances are those sent periodically by family members for support, special occasions such as celebrations, medical expenses, savings for those who receive, etc., which total US$5,079 million. Meanwhile, US$20.3 million was received in capital remittances, which require the transfer of an asset and include improvements or purchases of real estate.

Remittances sent through remittance transfer companies or banks averaged US$264.2 per transaction up to November 2019, similar to the previous year when US$263.5 was registered. The department with the highest average remittance per operation was Chalatenango with US$353.3, the average amounts are higher because there are few establishments for collection; meanwhile, in the department of San Salvador the average remittance was US$232.9, the lowest of all, probably because of the abundance of disbursers that causes remittances to become smaller and more frequent.

Between January and November of this year, the central zone of the country received 36.6% of total remittances, equivalent to US$1,864.5 million, followed by the eastern zone with 32.1%, or US$1,636.9 million. Meanwhile, the western zone accounted for US$854.4 million (16.8% of the total) and the para-central zone received US$615.4 million equivalent to 12.1% of total remittances.

The department of San Salvador stood out with the highest growth rate in the reception of remittances with 7.7%, followed by Sonsonate with 6.6% and La Paz with 6.3% growth. On the other hand, the departments of Morazán and La Unión presented positive growth rates, but they are the lowest with a 2.6% increase each.



More on this topic

El Salvador: $4.159 Million in Remittances up to September

October 2019

In the first nine months of this year, the country received $4.159 million in remittances, surpassing in 4% what was reported in the same period of 2018.

During September the country recorded $459 million in remittances, more than the $429.3 million received in the same month in 2018. In addition, the Central Reserve Bank (BCR) reported that 1.7 million remittance transactions were recorded in the financial system.

El Salvador: Remittances Total $3.7 Billion

September 2019

In the first eight months of this year, the country received $3.7 billion in remittances, 4% more than in the same period in 2018.

Family remittances received by El Salvador from January to August 2019 reached $3.7 billion with a 4.1% growth, equivalent to an additional $146.5 million over the same period last year, according to the Central Reserve Bank.

Remittances in El Salvador: Figures up to July 2019

August 2019

In the first seven months of this year, the country received $3.229 million in remittances, surpassing in 4% what was reported in the same period of 2018.

The country's central zone captured 36.2% of total remittances, equivalent to $1,168.4 million, followed by the eastern zone with 32.5%, or $1,049.7 million, while the western zone totaled $539.3 million this represents 16.7% and the central zone received $391.1 million equivalent to 12.1% of the total, reported 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).