Wednesday, 21 September 2022 16:44

US$47 million in remittances have been earmarked for investment in businesses

Written by Evelyn Alas

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%.

In the same period, remittances for personal consumption, that is to say for expenses such as recreation, payment of services, debts or purchase of food, clothing or footwear, totaled US$5,019 million.

Para qué sirve un plan de inversión? | Objetivos del plan de inversión

The President of the BCR, Douglas Rodríguez, explained that between january and august 2022, remittances totaled US$5,065 million with a growth of 3.6%, equivalent to US$176.5 million more than in the same period of the previous year.

The places that receive the most cash sent is through banks or remittance companies of the financial system, which accumulated US$4,884 million with a positive variation of 2%.

Acciones para invertir en tiempos de pandemia | El Emprendedor

Family remittances withdrawn over the counter as of august 2022 accumulated US$3,319 million with a share of 65.5% of the total, while family remittances sent to bank accounts totaled US$1,564 million, equivalent to 30.9% of the total, with a growth of 6.9% compared to the same period of 2021.

The BCR said that people are increasingly joining the use of digital wallets and in the month of august alone, salvadorans residing outside the country sent US$11 million in remittances.

Inversión: ve mitos y realidades, según Condusef - Uno TV

Likewise, the 5 departments that received the highest income of family remittances between january and august were: San Salvador, San Miguel, Santa Ana, La Libertad and Usulután together received US$2,805 million, equivalent to 55.5% of total family remittances.

The BCR highlighted the five departments with the highest growth rate in family remittance inflows: Cuscatlán with 7.5%, Chalatenango (4.4%), Ahuachapán (3.7%), Sonsonate (3.6%) and La Paz (3.2%).