Foreign exchange earnings from remittances reported by the Bank of Guatemala (BANGUAT) for the period January to April 2014 was $1.73 million, exceeding by 9% the amount received in the same period in 2013.

"In April the BANGUAT reported a total of $490,683,000, the highest monthly amount to be received in remittances. The figure marks a record in earnings from this concept, the highest registered prior to this was in October 2013 with $480 million. "

"Remittances represent ten percent of the Gross Domestic Product (GDP), according to Edgar Barquín, president of BANGUAT, goes about 50 percent of this income to consumption."

Source: elperiodico.com.gt

More on this topic

Remittances to El Salvador Up 3.5%

September 2013

During the month of August remittances to El Salvador totaled $326.6 million, $11.2 million more than in the same period in 2012.

From a press release issued by the Central Reserve Bank of El Salvador:

Remittances from Salvadorans living abroad during the month of August 2013, totaled $326.6 million, up by $11.2 million and recording a growth rate of 3.5% compared to the same month last year, reported the department of Studies and Economic Statistics at the Central Reserve Bank.

El Salvador Receives $2.708 million in Remittances

October 2011

From January to September, the country’s remittances were 5.3% more than in the same period in 2010.

In September alone, $286 million came into the country, exceeding the $26 million that came in September 2010.

The largest increase was recorded in the third quarter (July-September), being 7.3% more than in the same period last year.

Remittances to Guatemala Increase by 8.5%

September 2011

In August, total remittances received amounted to $409.5 million, 8.5% higher than in the same month in 2010.

In July remittances reported a decline of 9% compared to the same month in 2010.

According to the Bank of Guatemala, between January and August the total amount of remittances coming into the country was $2.934 million, 6.7% higher than the $2.748 million in the same period of 2010.

Remittances to El Salvador as of March Reach $866 Million

April 2011

Remittances, vital for the country's economy, saw a 4.5% increase, year-on-year in the first quarter of 2011.

On average, in the first quarter of the year the country received $286.6 million in remittances, 0.9% more than the figure recorded in the same period of 2010.

"Remittances are an important source of income for the Salvadoran economy, making up 16.3% of the annual Gross Domestic Product (GDP), equivalent to 76.7% of total export value and covering 40.1% of the value of goods imported," according to Elsalvador.com.