In the first two months of 2011, Nicaragua received $137 million in remittances from abroad, 10% more than in the same months of 2010.
All of Central America and Mexico has seen a recovery in remittances according to a report from the Inter-American Development Bank (IDB), which states that money flows increased by between 6 and 16% in the first two months of this year.
In the first three months of the year the country received $972 million, 9.2% more than in the same period of 2010.
Remittances are getting close to 2008 levels; in the first three months of that year Guatemalans received $973 million.
Banguat data shows that foreign grew 9.2% from $890 million to $972 million between 2010 and 2011.
"Should this trend continue, remittances could top the 2008 record of $4.31 billion. In 2009, the country received $3.91 billion while in 2010 it recorded $4.13 billion", reported Elperiodico.com.gt.
Remittances in February 2011 reported an 11% increase over the same period of 2010.
During the first two months of 2011, remittances have increased 12.9%.
$283.8 million entered the country inJanuary 2011, a 15.1% increase over the $246.1 million recorded in the same month of 2010.
"Remittances have increased for the past 12 months; the central bank estimates U.S. $ 4.345 million for this year, a figure slightly higher than the record U.S. $ 4.314 million of 2008, before the crisis eroded foreign wires," reported Elperiodico.com.gt.
Despite a 15% increase over January 2010, foreign wires still have not reached the $ 290.2 million of 2009.
According to information from Banco de Guatemala, incoming wires in January 2011 were $ 283 million.
"The decrease in the flow of remittances in recent years is the result of the impact of the global financial crisis in the U.S. economy, which resulted in fewer jobs," reports Prensalibre.com.
Slow recovery tied to a lagging U.S. economy, 3% growth in 2010 due to increased domestic consumption and rising remittances and international trade.
The countries in Central America are recovering gradually, led by a rebound indomestic demand (following its sharpcontraction in 2009), which has partly spilled over into imports. Pickups in exports and morerecently remittances have been further positive developments.
Income received in the month of September totaled $ 359.3 million, 8.19% higher over the same period of 2009.
The Bank of Guatemala (Banguat) indicated that the income from foreing wires between January and September totaled $ 3.107 million.
Prensalibre.com reports, "Oscar Monterroso, a Banguat executive, stated that at the end of 2010 the flow of wires should increase by 4.5 percent compared with 2009 and close at $ 4,883 million."
Inflation deceleration and Risks to economic recovery.
The quarterly report from the Executive Secretary of the Central American Monetary Council (SECMCA) focuses on the region's inflation and recovery prospects.
Inflation, measured by year-on-year change in consumer prices, slowed in the second quarter of 2010 to 4.9%, compared to 2.9% in June 2009.
The report from Guatemala's development foundation highlights improvement in key economic indicators as well as the impact of tropical storm Agatha and the Pacaya volcano eruption.
According to the country’s Consumer Price Index (CPI) compiled by the national institute of statistics, inflation for the first six months of the year to June rose 2.7%. The increase year-on-year was over 4%, in part due to the natural disasters that hit Guatemala in the second half of 2009.
June’s 13.1% increase is the first double digit rise of the year.
Money sent home by Guatemalans living abroad totalled $394.2 million in June, the highest figure since August 2008.
The Bank of Guatemala reported that during the first six months of 2010 remittances total $1,986.3 million, a rise of 2.5% compared to the $1,937.2 million in the same period last year.
Oscar E. Mendizábal, editor of the Blog “Desde Guate” (From Guatemala), gathers and analyses the main factors influencing the Central American economy (except Panama) during the first six months of this year.
According to the Consumer Price Index, prepared by the National Statistics Institute, cumulative inflation up to May 2010 stood at 2.70%, which means that the price level rose when compared to December 2009. The year-on-year change for May 2009 was 3.51%, reflecting a slight downward trend for the third consecutive month. This figure is below the inflation target set by the Monetary Board for 2010 (between 4% and 6%).
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