Remittances to El Salvador Drop 10.3%

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.

Tuesday, July 14, 2009

Remittances averaged $290 million each month during this semester, whereas the average was $323.1 during the first half of 2008, according to data from the Reserve Bank (BCR).

From elsalvador.com: "After almost three decades of continued growth, remittances have started to fall at double digit rates, severely diminishing economic activity. Consumption takes the worst part, as it depends heavily on money sent by Salvadorans abroad."

More on this topic

Remittances to Guatemala fell by 9% in July

August 2011

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.

Remittances to El Salvador Decrease by 13.6%

May 2009

In April, received remittances totaled $292.5 million, compared to $338.5 million during the same period last year

In the first quarter of this year, received remittances were 9.2% lower than during the first quarter in 2008.

Keny López wrote in Laprensagrafica.com: "So far this year, there have been four other decreases: -8.4% in January, -7.8% in February, -6.7% in March and -13.6 % in April.

Remittances to El Salvador Drop by 8.4%

March 2009

During January, remittances totaled $252.4 million, 8.4% less than for the same period in 2008, when they were $275.5 million.

La Prensa Libre published on its website: "For now, neither the economic cabinet nor the Central Reserve Bank have spoken about the reasons for the decline, even though a similar situation occurred during four months last year, and it was blamed on the economic crisis in the United States which is considered the source of 90% of these remittances."

Remittances to El Salvador on the decline

November 2008

The total remittances during October was $304.3 million or $400,000 less than the previous month.

It is almost $20 million less than for the same month in 2007, when $323.8 million was sent...

The figure for October confirms the fears of slowdown that analysts have been announcing in the last few months.

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