Remittances drop 9.6% in Guatemala

In the first half of the year remittances reached $1.93 billion, $203 million less than the first half of 2008.

Thursday, July 9, 2009

According to monthly stats published by the Banco de Guatemala (Banguat), remittances summed $349 in June, the highest monthly figure since October 2008.

Ruben Darío Narciso, consultant for the Asociation of Economic and Social Investigations (Asies, acronym in Spanish), was quoted by Elperiodico.com.gt: "A reduction in remittances has negative effects, causing a reduction on the purchasing power of households that receive the money, and increasing precaution when spending in goods and services".

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Remittances to Guatemala fell by 9% in July

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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.

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Between January and October, the country received $2.86 billion in remittances, 10% less than the $3.18 billion received in the same period of 2008.

On the bright side, the percentage drop was lower in October than in September, according to data from the Central Bank of El Salvador (BCR).

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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.

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January 2009

At the end of 2008, remittances reported a 4.5% increase compared to 2007, the lowest growth since 1999, according to data from Banguat.

Prensalibre.com reports that "for 2009 a growth close to zero is expected, however we do not believe that it will be less than in 2008," said Victor Lozano, an official from the International Migration Organization.