Nicaragua: Remittances Up 8% in 2018

During last year, family remittances sent to the country totaled $1.501 million, 7.9% more than the $1.391 million reported in 2017.

Tuesday, April 9, 2019

In terms of year-on-year growth, Nicaragua ranks fifth as a recipient of family remittances at the regional level. Remittances to Honduras registered the highest growth in the region, 14%, followed by Guatemala (13.4%) and the Dominican Republic (10.4%), according to a report by the Central Bank of Nicaragua (BCN).

The report states that "... With regard to the departmental distribution of remittance flows, Managua continues to be the main destination for Nicaraguan remittances from abroad. It is worth noting that 68.6 percent of total remittances received in 2018 were concentrated in 5 departments, Managua (34.9%), Chinandega (10.3%), Estelí (8.2%), León (8.2%) and Matagalpa (7.0%).

During 2018, 1,378.1 million dollars were received through specialized agencies and commercial banks, which represented an 8.2 percent increase over what was observed in 2017 (US$1,273.2 million). The average amount per shipment was US$187.3, 0.7 percent lower than in 2017 (US$188.5). On the other hand, transactions increased 9.0 percent with respect to 2017, reaching 7.4 million transactions.

Specialized agencies channeled US$648.9 million, 1.6 percent less than in 2017 (US$659.4 million). Commercial banks in the national financial system received 729.2 million dollars, 18.8 percent higher than in 2017 (US$613.8 million). This increase was mainly because of the 23.3 percent growth in the number of transactions.

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More on this topic

Nicaragua: Remittances Increase 10% up to June 2019

July 2019

During the first six months of 2019, the country received $797 million in remittances, 10% more than the amount reported in the same period last year.

In June of this year, remittances totaled $134.3 million dollars, which represented a 16.6% increase over the same month in 2018, informed the Central Bank of Nicaragua.

Remittances in Nicaragua: Growth up to May Accelerates

July 2019

During the first five months of 2019, the country received $662 million in remittances, 9% more than in the same period of 2018, surpassing the 8% year-on-year variation recorded in April.

In May, remittances totaled $144 million dollars ($127.1 million in May 2018), which meant a 13.3% year-on-year growth, reported the Central Bank of Nicaragua (BCN).

Remittances to Nicaragua Up 8% in 2018

January 2019

In accordance with the behavior that has been reported in recent years, in 2018 the country received $1.5 billion in family remittances, 8% more than that recorded in 2017.

The report of the Central Bank of Nicaragua states that "... According to monthly data published, remittances totaled 149.5 million dollars in December (US$136.7 million in December 2017), which meant a 9.4 percent year on year variation."

Remittances to Nicaragua Increase 8%

October 2018

During the first nine months of the year, the country received remittances from abroad for $1.097 million, recording an increase of 7.6% over the same period in 2017.

The Central Bank of Nicaragua (BCN) reported that remittances totaled 121.7 million dollars in September (US$112.8 million in September 2017), which resulted in a year-on-year variation of almost 8%.

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