El Salvador Reports the Largest Fall in Remittances in the Region

During the first four months of this year, the country reported the largest decrease in the volume of remittances in all of Central America.

Tuesday, June 30, 2009

According to a report from the Inter-American Development Bank, after 10 years of continuous growth, the interannual variation of remittances between the months of January and April showed a drop of 10%.

Reporter Patricia Palma writes in Elsalvador.com: “This decline is fundamentally explained by rising unemployment in the United States which, unlike what happened in the crisis in 2001, is affecting practically all sectors and states within the country. At that time, the economic recession was ‘avoided’ by the immigrants thanks to their flexibility in skills and geography; however, the current circumstances have caused a smaller margin to maneuver because all sectors that rely on heavy labor have reported big drop-offs in demand.”

More on this topic

Remittances to Guatemala fell by 9% in July

August 2011

After 16 months of continuous growth, remittances in July were down 9% compared to the same period in 2010.

According to the Bank of Guatemala (Banguat), remittances received in July totaled $349.8 million, 9% less than the $384.6 million received in the same month in 2010.

Remittances to El Salvador Drop 10.3%

July 2009

In the first half of the year, $1.7 billion were sent to the country by Salvadorans abroad, 10.3% less than the same period of 2008.

Remittances averaged $290 million each month during this semester, whereas the average was $323.1 during the first half of 2008, according to data from the Reserve Bank (BCR).

IDB sees remittances to Latin America declining in 2009

March 2009

Fourth quarter of 2008 registers first decline in nearly a decade. Flows of money sent home by migrants hit by economic slowdown, exchange rate swings

After almost a decade of growth, remittances to Latin America and the Caribbean are likely to decline in 2009 for the first time since the Inter-American Development Bank started tracking these flows in the year 2000. Remittances have been decreasing since late 2008.

Remittances to El Salvador on the decline

November 2008

The total remittances during October was $304.3 million or $400,000 less than the previous month.

It is almost $20 million less than for the same month in 2007, when $323.8 million was sent...

The figure for October confirms the fears of slowdown that analysts have been announcing in the last few months.

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