During 2012, remittances totaling $3.910 million came into the country, for an annual growth of 7.2% compared to 2011.
From a press release by the Central Reserve Bank of El Salvador:
In 2012, remittances coming into the country were worth U.S. $3.91 billion, an annual growth of 7.2% compared to the year 2011. For El Salvador, remittances now account for 16.4% of GDP.
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.
From the month of September recipients of remittances in Guatemala, Honduras and El Salvador will be able to receive them on their mobile phones.
By using a its cellular network platform, the Guatemalan company Tigo Money, a subsidiary of Tigo, will offer international services for money receipts.
Since early 2011, Tigo Money has been in the remittance business nationally in Guatemala.
El Salvador received a total of $2.27 billion in remittances between January and July 2012, a growth rate of 7.7% a year.
From a press release from the Central Reserve Bank of El Salvador:
In July alone, a toal of $330.4 million in remittances entered the country, up from the $289 million recorded in July 2011, showing a growth rate of 9.6% compared to the same month last year.
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.
Migrants sent $946 million in the first quarter of 2012, which is 9.5% more than in the equivalent period in 2011.
Data from the Central Reserve Bank of El Salvador indicate that in the first three months of this year, remittances totaled $946.2 million, $81.9 million more than in the first quarter of 2011, which represents annual growth of 9.5%.
By country: Guatemala $4.37 billion; El Salvador $3.65 billion; Honduras $2.86 billion; Nicaragua $1.05 billion; Panama $592 millions; Costa Rica $530 millions.
Inter-American Development Bank Report:
Remittances to Latin America and the Caribbean rose to $61 billion in 2011
MIF’s annual analysis of migrants’ money transfers shows year-on-year growth of 6%
Fedecrédito joins Wells Fargo in order to capture a greater market share of remittances between the U.S. and the Central American nation.
"We believe that our Salvadoran population living abroad, will appreciate having adequate access to services, enabling them to send money home quickly and safely, with a network of branches with a presence nationwide", said Macario Armando Rosales Rosa , president of Fedecrédito.
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.
A website will allow senders to compare the costs of their remittances from the U.S. to Central America, encouraging competition between providers of such services.
The Center for Latin American Monetary Studies (CEMLA), the Multilateral Investment Fund (MIF), a member of the Interamerican Development Bank (IDB) and World Bank today (Thursday 2 February) launched enviacentroamerica.org, a free online tool that can be used to compare and make transparent the costs of remittances from the United States to six Central American countries and the Dominican Republic.
Between January and November 2011 the country received $181.3 million more than in the same period in 2010.
A press release from the Central Reserve Bank of El Salvador (BCR) reads:
Salvadorans living abroad sent home remittances totaling U.S. $3,286.1 million accumulated between January and November 2011, more than the U.S. $181.3 million in transactions during the same period last year, according to reports from the Management of Economic Studies and Statistics at 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.