Remittances Up 4% in the 1st Semester

From January to June of this year, El Salvador received $2.744 million in remittances, 4% more than in the same period of 2018.

Thursday, July 18, 2019

According to data from the Central Reserve Bank (BCR), the central zone captured the largest amount of family remittances with $989.8 million, equivalent to 36.1% of the total, followed by the eastern zone with $896 million, which constitutes 32.7% of total remittances, the institution reported.

The report states that "... The department of La Paz registered the highest growth rate with 5%; in second and third place are San Salvador and Cuscatlán with 4.9% and 4.8% additional, respectively. On the other hand, the lowest growth rates were for the Cabañas department with 1.2% and Chalatenango with 0.9%.

Statistics show that 67% of family remittances are received by beneficiaries residing in 50 municipalities up to June 2019, this is equivalent to US$1,838.6 million and 7.1 million operations, highlighting the municipalities of San Salvador and San Miguel with 9.4% and 6.6% of the total.

Family remittances from the United States reached US$2,605.9 million, growing 3.8% with respect to the previous year. Remittances from Canada totaled US$25 million with a 6.7% growth rate; while from Italy US$11.9 million were received, or 6.6% more than the previous year.
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From January to November 2019, the country received $5.099 million in remittances, 5% higher than reported in the same period of 2018.

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In the first nine months of this year, the country received $4.159 million in remittances, surpassing in 4% what was reported in the same period of 2018.

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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.