Wednesday, 16 June 2021 02:37

Family remittances in El Salvador register 51% growth from january to may 2021

Written by Alondra Gutiérrez

The president of the Banco Central de Reserva (BCR), Douglas Rodríguez, informed during a television interview, the growth of family remittances received in the country, for the second quarter of the year.

The head of the bank, indicated that around 469,000 households in El Salvador receive a monthly remittance, which corresponds to 24% of households, also reported that until may 2021 will be received US$3,035 million; compared to 2019 from january to may had US$2,282 million.

"If we compare it with 2020, we currently have a growth of 51%; but if we compare it with 2019 which was a year without pandemic we have a growth of 33%", highlighted, the president of the BCR.

Also, he assured that the institution projects US$7 million in remittances at the end of this 2021, compared to the previous year.

"The country remains in stable conditions and we are in a successful economic recovery. The growth of the country's Gross Domestic Product will be around 6% at the end of 2021", commented the head of the BCR.

He said that in march the highest amount in remittances was registered, which was US$682 million, but in May US$685 million was received, which represented a record.

"We see a 297% increase in remittances destined for investment. Normally they go for local consumption, but they are being transformed. They are US$17 million in investment", said the president of the BCR.