Remittances to El Salvador Drop by 8.4%

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

Thursday, March 5, 2009

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."

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El Salvador: Remittances Drop 10% in 2009

December 2009

2009 will mark the first time in 25 years in which remittances drop when compared to the previous year.

From January to October 2009, the country received $2.8 billion, and according to Central Bank estimates, the final figure for 2009 could be $3.4 billion.

"Remittances account for between 17% and 18% of the nation's GDP, so 'a 10% drop implies 2 percentage points less of Gross Domestic Product.

Remittances to El Salvador Drop 10.3%

July 2009

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.

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).

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 "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 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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