El Salvador: Remittances Increased 6% up to March 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).
The BCR document reviews that "... On the other hand, 4.8 million operations were recorded for family remittances, not including surcharges, with a growth of 6.9% in the first quarter.
The average family remittance per operation was US$266.36, excluding surcharges and cash, and US$224.71 including these elements. Chalatenango and Cabañas are the departments with the highest average remittances with US$355.12 and US$328.54, respectively.
Family remittances were received from 126 countries. In the top 5 of the main ones are the following: The United States was number one with 94.8% of the total, equivalent to US$1,230.8 million; followed by Canada with 0.9%; Italy (0.5%); Spain (0.4%) and Mexico with 0.1% of the total amount.
According to the Central Bank, in the first quarter of 2019 family remittances were concentrated in the central area (36.3% of the total amount) and eastern (32.5%). From the central zone, the department of San Salvador received 20.2% and from the eastern zone, San Miguel captured 12.1% of the total."
During the first two months of the year, family remittances sent to the country totaled $806 million, 5% more than what was reported for the same period in 2018.
Only in February, $404.9 million were raised, equivalent to 1.8 million remittance operations, including mobile phone top-ups, informed the Central Reserve Bank (BCR).
In the first eight months of the year, the country received $3.604 billion in family remittances, almost 10% more than in the same period in 2017.
From a report by the Reserve Bank of El Salvador:
El Salvador received US $3,604.1 million in family remittances up to August 2018, with a growth of 9.5%, exceeding by US $311.6 million the income received under this concept in the same period last year, the Central Reserve Bank reported.
Between January and June 2018, family remittance flows sent from abroad totaled almost $2.7 billion, registering a 9% increase compared to the same period in the previous year.
El Salvador received US $2.6886 billion in family remittances up to June 2018, surpassing the US $229.2 million sent by Salvadorans living abroad in the first half of last year.In June alone, US $461 million was received in remittances, which means an increase of 11.2% compared to the same month in the previous year, reported the Central Reserve Bank (BCR).
In January 2018 remittances received by the country amounted to $381 million, 10% more than in the same month in 2017.
From a statement issued by the Central Bank of El Salvador:
In January 2018, US $380.6 million was received in the form of family remittances, growing by 10.3% and exceeding the income received under this concept in the same period of the previous year by US $35.6 million, reported the Central Reserve Bank.
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