Remittances in El Salvador grew by 9.1%

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    El Salvador received US $ 4,504.2 million in family remittances as of October 2018 with a growth of 9.1%, exceeding in US $ 375.3 million the income received under this concept in the same period of the previous year, reported the Central Reserve Bank .

    According to the BCR, only in the month of October were received US $ 464.9 million in remittances, contributing to the economy through the greater purchasing power of households that has a positive impact on their consumption.

    During this period, remittances from 157 countries were received. They stand out among the main United States with US $ 4,202.3 million, followed by the European Union with US $ 42.3 million and Canada with US $ 39.8 million.

    According to the data of the Central Bank as of October 2018, the five main receiving departments of family remittances were: San Salvador (19.5% of total remittances in the country), San Miguel (11.7%), La Union (8.2%) ), Santa Ana (7.9%) and La Libertad (7.7%); the departments of Cuscatlán (2.4%) and San Vicente (3.4%) are among those that receive less remittances.

    During this period, Chalatenango continues to record the highest average shipment remittance with US $ 357.40, (an increase of 5.5% with respect to that registered during the same period of the previous year), while San Salvador with US $ 231.40 receives the lowest average remittance.

    The Central Bank reported that the 262 municipalities of the country are recipients of family remittances and that the first 50 municipalities received 66.1% of the income from family remittances, with an amount of US $ 2,976.9 million (equivalent to 11.5 million operations), standing out from the total the municipality of San Salvador (9.1%), San Miguel (6.6%), Santa Ana (3.6%), Soyapango (2.5%) and Usulután (2.5%), including cash and telephone recharges. Among the municipalities that received fewer remittances are: San Isidro Labrador (Chalatenango), Mercedes La Ceiba (La Paz), San Francisco Lempa (Chalatenango), San Luis del Carmen (Chalatenango) and San Francisco Chinameca (La Paz).

    Banks paid 40.9% of family remittances, equivalent to US $ 1,843.2 million and 6.5 million transactions. The federations and other paying companies, 55.2%, equivalent to US $ 2,485.0 million and 9.8 million operations, while the rest (3.9%) corresponds to recharges and remittances that were transferred in cash by relatives, friends or “Encomenderos.” As reported by the Central Bank, 24.3% of total remittances were paid on account.

    The total unemployment rate in the United States in October was 3.7% equal to that registered in September, while the Hispanic rate was 4.4%, with a slight decrease of 0.1 percentage points with respect to the previous month.

    Other countries obtained favorable results in the reception of family remittances to the month of October: Guatemala reached US $ 7,687.4 million in remittances and grew 12.6%; Honduras, with US $ 4,053.3 million, grew at a rate of 9.5%. Meanwhile, in the revenues accumulated to October, Mexico registered a rate of 10.8% and Nicaragua 7.6%, according to information from the Central Banks of these countries.

     

    Source: Central Reserve Bank El Salvador