Remittances in El Salvador: Figures up to July 2019

In the first seven months of this year, the country received $3.229 million in remittances, surpassing in 4% what was reported in the same period of 2018.

Wednesday, August 21, 2019

The country's central zone captured 36.2% of total remittances, equivalent to $1,168.4 million, followed by the eastern zone with 32.5%, or $1,049.7 million, while the western zone totaled $539.3 million this represents 16.7% and the central zone received $391.1 million equivalent to 12.1% of the total, reported the Central Reserve Bank.

The report states that "... The average monetary remittance was US$266.80 as of July 2019, lower than the US$268 received in the same period of the previous year. 72.8% of total remittances were collected through the teller window and 25% were credited to a bank account.

The department of San Salvador stood out with the highest growth rate in remittance reception with 5.6%, while La Paz and Cuscatlán ranked second and third with 5.3% increase each. Meanwhile, the departments of Chalatenango and Cabañas presented the lowest but positive growth rates with 1.8% and 1.6%, respectively.

Twenty-five municipalities concentrated 51.7% of remittances, including six municipalities belonging to the Metropolitan Area of San Salvador, which comprise 66.7% of the population equivalent to 1,197,783 persons according to the 2018 Household and Multiple Purpose Survey.

Family remittances from the United States totaled US$3,066 million, growing 4.2% over the previous year; the European Union received US$33.8 million, 1% of the total. Remittances received from Spain grew 29.6%. Meanwhile, remittances from Central America totaled US$10 million and constituted 0.3% of the total.

The companies dedicated to the payment of remittances settled 57.8% of the total, equivalent to US$1,865.1 million and 7.3 million operations, banks paid 40.1% of remittances (equivalent to US$1,294.1 million and 4.6 million operations)
.

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