Remittances to El Salvador: Growth Slows Down

During the first five months of the year, the country received $2.281 million in remittances, 4% more than reported in the same period of 2018, well below the 9% rate reported from January to May 2018.

Monday, June 17, 2019

El Salvador received $2.281 million in family remittances up to May 2019, higher by $84.4 million, equivalent to a 3.8% year-on-year growth with respect to income received under this concept in the same period of the previous year, informed the Central Reserve Bank.

The report details that "... Only in May, the country received US$504.9 million in remittances. According to data from the Central Bank, the central zone of the country is the one that attracts more family remittances with US$821 million, equivalent to 36% of the total, followed by the eastern zone with US$746.9 million, which constitutes 32.7% of the total remittances.

The department of Cuscatlán registered the highest growth rate with 5.3%; in second and third place are La Libertad and San Salvador with additional 5.2% and 5.1%, respectively. On the other hand, the lowest growth rates were for Chalatenango with 1.2% and Cabañas with 1.9%.

Statistics show that the five departments which received the most remittances up to May 2019 were: San Salvador (19.9% of the country's total remittances), San Miguel (12%), La Unión (8.4%), Santa Ana (8%) and La Libertad (7.9%), and among those which receive the least remittances are the departments of Cuscatlán (2.5%) and San Vicente (3.4%).

The United States is the main country of origin of family remittances, with US$2,166.4 million and a growth rate of 4.2% in the evaluated period. Other countries of origin of remittances were: Canada with US$20.6 million, Italy with US$9.9 million, followed by Spain with US$9.1 million and Panama with US$3.5 million.
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More on this topic

El Salvador: Remittances Exceed $5 Billion

December 2019

From January to November 2019, the country received $5.099 million in remittances, 5% higher than reported in the same period of 2018.

In November, the country received $458 million in family remittances, more than the $424 million that came in the same month in 2018. In addition, 1.7 million transactions were recorded in the financial system under this concept, reported the BCR.

El Salvador: Remittances Increased 4% up to April 2019

May 2019

During the first four months of the year, family remittances received by the country totaled $1.776 million, 4% more than reported in the same period of 2018.

Family remittances from El Salvador totaled $1.776 million in the first four months of 2019, $66.1 million more than the income received under this concept in the same period of the previous year, informed the Central Reserve Bank.

Remittances to El Salvador Up 10%

September 2018

In the first eight months of the year, the country received $3.604 billion in family remittances, almost 10% more than in the same period in 2017.

From a report by the Reserve Bank of El Salvador:

El Salvador received US $3,604.1 million in family remittances up to August 2018, with a growth of 9.5%, exceeding by US $311.6 million the income received under this concept in the same period last year, the Central Reserve Bank reported. 

Remittances in Nicaragua: 10% Rise up to May 2018

June 2018

In the first five months of the year, the country received $609 million in remittances from abroad, which is equivalent to an increase of 10% compared to the same period in 2017.

The Central Bank of Nicaragua reported that " ... Remittances totaled 127.1 million dollars in May (US $121.2 million in May 2017), which meant an interannual variation of 4.9 percent."

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