A. M. Remittances sent directly to bank accounts in El Salvador experienced significant growth of 37.7%, reaching a total of US$1,567.6 million, according to the Banco Central de Reserva (BCR). This figure represents 32.4% of the total remittances received, highlighting the preference for this transfer method, which offers security and agility to recipients.
The report reveals that the average transfer via bank accounts was US$427.9, the highest on record. This data underscores the importance of this channel for the inflow of capital into the country and the efficient management of funds by Salvadoran families, who use it for current expenses and future projects.
A total of 1.86 million salvadorans were direct beneficiaries of these remittances. The growth in the amounts sent is notable: remittances under US$2,000 increased by 10.3%, while those over this figure registered an impressive increase of 47.6%.
This financial phenomenon reflects a strengthening of the flow of remittances, crucial to the salvadoran economy. The increase not only boosts household consumption and investment but also contributes to the country’s macroeconomic stability, as it is one of the main sources of foreign currency.
This growth was driven primarily by remittances from the United States, which increased by 19%, reaffirming the close economic relationship with this country. Remittances from the rest of the world also grew, up 6.4%, thus diversifying sources of income for salvadorans.
The impact of this growth directly benefits the population, improving families’ quality of life, allowing them to cover basic needs and invest in education, healthcare, and housing. Economically, this steady flow of money helps boost local commerce and strengthen El Salvador’s financial position.
