El Salvador: Remittances Increased 4% up to April 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.

Tuesday, May 21, 2019

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.

The report states that "... According to data from the Central Bank, the central zone of the country is the one attracting most family remittances with US$641.3 million, equivalent to 36.1% of the total, followed by the eastern zone with US$580.5 million, which constitutes 32.7% of the total remittances.

The department of La Paz registered the highest growth rate with 5.6%; in second and third place are San Salvador and Cuscatlán with 5.3% increase each. On the other hand, the lowest growth rates were for Cabañas and Chalatenango with 1.9% and 1.3%, respectively.

The United States is the main source of family remittances with 94.9% of the total and a growth rate of 4.2% in the evaluated period. Other countries of origin of the remittances were: Canada with US$15.9 million (0.9% of the total), Italy with US$7.9 million (0.4%), followed by Spain and Panama with US$7.1 million and US$2.8 million respectively. Remittances from Spain registered a growth of 25.8%.

The other remittance companies such as federations, savings and credit banks and other companies dedicated exclusively to the payment of remittances settled 57.7% of the remittances (equivalent to US$1,024.9 million and 4 million operations), while the banking institutions, 40.1% of the remittances (equivalent to US$712.5 million and 2.5 million operations). Cash remittances totaled US$29.7 million and constitute 1.7% of the total, which were transferred by relatives, friends, couriers or by the sender himself when he visited the country.
"

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More on this topic

El Salvador: Remittances Exceed $5 Billion

December 2019

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

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.

Remittances to El Salvador: Growth Slows Down

June 2019

During the first five months of the year, the country received $2.281 million in remittances, 4% more than reported in the same period of 2018, well below the 9% rate reported from January to May 2018.

El Salvador received $2.281 million in family remittances up to May 2019, higher by $84.4 million, equivalent to a 3.8% year-on-year growth with respect to income received under this concept in the same period of the previous year, informed the Central Reserve Bank.

Remittances to El Salvador Up 8% in 2018

January 2019

In accordance with the behavior that has been reported in recent years, in 2018 the country received $5,469 million in family remittances, 8% more than that recorded in 2017.

The report of the Central Reserve Bank (BCR) explains that last year the five main departments receiving family remittances were: San Salvador (19.6% of the total country), San Miguel (11.7%), La Unión (8.2%), Santa Ana (7.9%) and La Libertad (7.7%).

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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