In 2014 the country received $4.217 billion in remittances, $263.6 million more than in 2013 and for the first time surpassed the $4 billion mark.
From a statement issued by the Central Reserve Bank of El Salvador (BCR):
In 2014, El Salvador received $4.2172 billion in remittances, an increase of 6.7% compared to the previous year, equivalent to $263.6 million more than in 2013, thereby exceeding for the first time the $4 billion mark in remittances, said the Central Reserve Bank of El Salvador.
In the first eight months of 2014 Salvadorans living abroad sent back $2.815 million, 8.1% more than in the same period in 2013.
Remittances remain the main driver of the Salvadoran economy, which in the first 8 months of the year received 8.1% more money than it did in the same period last year.
In August alone the amount sent totalled $350.5 million, according to figures from the Central Reserve Bank (BCR).
In the first seven months of the year Salvadorans living abroad sent home $2.467 million, 8% more than in the same period in 2013.
Data from the Central Reserve Bank of El Salvador (BCR) shows that remittances received in July alone amounted to $359.6 million, about $28 million more than in the same month in 2013.
Eleconomista.net reports that "...Nearly three million Salvadorans are living abroad, of which about 2.5 million reside in the United States, according to official estimates. "
Family remittances, which amounted to $1,744 million in the first five months of the year, represent 16.4% of GDP.
The recovery of the U.S. economy is one of the reasons behind the sustained increase in the flow of remittances from Salvadorans living abroad.
"...Transactions corresponding to May totaled 393.3 million dollars, higher by 36 million than in the same month in 2013, which is an increase of 10.1%. "
On average, Salvadorans living abroad send $819 a year in goods and $288 a month in cash.
From the executive summary of the document "Family Remittances from the United States: An Approach to Remittances in Kind" by the Central Reserve Bank of El Salvador:
The Central Bank has an interest in maintaining a reliable measurement of remittances through monitoring market payers and regular research on the structure of mechanisms for sending remittances, including using a system of periodic surveys in order to quantify monetary remittances coming into the country in cash (notes and coins taken by people) to incorporate it as part of total remittances received in the country.
During the month of September, the country received $315.4 million in remittances, $12.7 million more than in the same period in 2012.
From a press release issued by the Central Reserve Bank of El Salvador:
Salvadorans living abroad sent remittances worth $2.9317 billion in the period between January and September 2013, an increase of $38.4 million, equivalent to a growth rate of 1.3% annually.
During the month of August remittances to El Salvador totaled $326.6 million, $11.2 million more than in the same period in 2012.
From a press release issued by the Central Reserve Bank of El Salvador:
Remittances from Salvadorans living abroad during the month of August 2013, totaled $326.6 million, up by $11.2 million and recording a growth rate of 3.5% compared to the same month last year, reported the department of Studies and Economic Statistics at the Central Reserve Bank.
In January 2013 remittances from Salvadorans abroad totaled $281 million, 5% higher than in January 2012.
Figures from the Central Reserve Bank (BCR), showed that in January $281 million in remittances came into El Salvador, while in the same period in 2012 the amount was $267.3 million, ie, revenues increased by $13.6 million, equivalent an increase of 5%.
Family remittances sent by Salvadorans living abroad, amounted up to August, to $2.5907 billion, registering a growth rate of 7% compared to the same month last year.
A press release of the Central Reserve Bank of El Salvador reads:
Family remittances sent by Salvadorans living abroad, amounted up to August U.S. $2.5907 billion, registering a growth rate of 7% compared to the same month of the previous year, according to the Management of Studies and Economic Statistics at the Central Bank Reserve of El Salvador.
Salvadorans living abroad sent home $1,278.3 million between January and April 2012, $104.9 million more than in the same period last year.
These figures represent an increase of 8.9%, according to Banco Central de Reserva (BCR).
According to the BCR, monthly average remittances for the period January-April this year amounted to $319.6 million, "exceeding by 26.2 million per month the 293.4 million received during the first four months of the previous year," reported Laprensagrafica.com.
Remittances received in January 2012, amounted to $267.3 million, surpassing the $18.1 million sent over in in January 2011 and showing a growth of 7.3% annually compared to the same month last year.
A press release from the Central Reserve Bank of El Salvador reads:
Remittances received from Salvadorans living abroad in January 2012 amounted to $267.3 million, exceeding the $18.1 million as admitted in January 2011 and showing a growth of 7.3% annually compared to the same month last year, reported the Management for Studies and Economic Statistics of the Central Reserve Bank of El Salvador.
From January to September, the country’s remittances were 5.3% more than in the same period in 2010.
In September alone, $286 million came into the country, exceeding the $26 million that came in September 2010.
The largest increase was recorded in the third quarter (July-September), being 7.3% more than in the same period last year. This percentage is above the average growth in the first two quarters of the year which was 4.4%.
Remittance income in August 2011 has reported a 4.8% increase compared to the same period in 2010.
According to statistics from the Central Reserve Bank, remittances received in the month of August, totalled $ 307 million, and were higher than those recorded in the same month in the last three years.
"The monthly average remittances received during the first eight months of 2011was $ 302.8 million, exceeding by $13.8 million the average observed over the same period in 2010, which was $289 million per month", reported Laprensagrafica.com
The recovery in the amount of money sent to their countries of origin by Central American emigrants remains strong.
In the first quarter, in Nicaragua, remittances totaled $ 287.5 million, 8.2% higher than in same period in 2010.
Monetary transfers to Guatemala (the largest recipient in Central America), totalled $1,758.7 million in the first five months of 2011. An increase of 10.4% compared to the same period in 2010.
Remittances, vital for the country's economy, saw a 4.5% increase, year-on-year in the first quarter of 2011.
On average, in the first quarter of the year the country received $286.6 million in remittances, 0.9% more than the figure recorded in the same period of 2010.
"Remittances are an important source of income for the Salvadoran economy, making up 16.3% of the annual Gross Domestic Product (GDP), equivalent to 76.7% of total export value and covering 40.1% of the value of goods imported," according to Elsalvador.com.