Displaying items by tag: Remittances

In a morning interview, economist and former president of the Banco Central de Reserva (BCR), Mauricio Choussy explained that El Salvador will grow this year, but it will slow down, reaching a Gross Domestic Product (GDP) of 1.3%.

As part of this effort, the Banco Central de Reserva  (BCR) conducted a survey to learn in depth about salvadorans living in the United States. The Organización Internacional para las Migraciones (OIM) supported the survey with the objective of facilitating the design of adequate public policies in favor of the sector.

According to data from the Banco Central de Reserva ,shows that the Gross Domestic Product (GDP) could grow 2.8% by the end of 2022, while exports will increase 14% and remittances 3.7%.

According to Bloomberg magazine, family remittances in Central America's Northern Triangle El Salvador, Guatemala and Honduras are on track to close their second best year in the last 10 years, a significant step considering that 2021 broke records.

According to a report provided by the Banco Central de Reserva de El Salvador (BCR) of the total remittances received from january to august 2022, US$47 million have been destined to invest in business or purchase of personal property for businesses, which reflects an increase of 45%.

The President of the Banco Central de Reserva (BCR), Douglas Rodriguez, informed this morning that family remittances from january to july 2022 reported a total of US$4,416 million with an increase of 3.3%, or US$141 million more compared to the same period of 2021.

PedidosYa, a leading company in delivery and quick-commerce in Latin America, and Tigo Money, a pioneer e-wallet in El Salvador in sending, receiving money, collecting remittances and payment in stores, announced a commercial alliance that promotes financial inclusion to millions of salvadorans that will allow them access to products and services to wherever they are, providing an easy, convenient and safe alternative to the use of cash in the unbanked population.

Family remittances sent to El Salvador from abroad totaled US$701.8 million in may 2022, accumulating US$3,145.9 million in the first five months of the year, with a growth of 3.9% equivalent to US$117.9 million more than in the same period of the previous year.

In a conference given by the Managing director of the International Monetary Fund (IMF) Kristalina Georgieva, she pointed out that the current problem with remittances is that they have an average transfer cost of 6.3%.

Remittances to El Salvador, mainly from the United States, have the greatest amount of remittances in the national economy compared to all of Latin America, revealed the study "Reviews on Migration and Development" presented by the World Bank.