Displaying items by tag: Remittances

According to a new report from the Inter-American Development Bank (IDB), remittances received by Latin American and Caribbean countries are projected to reach a record US$155 billion in 2023 if trends observed to date continue.

As a founding member of the Consorcio de Inclusión Financiera para Remesas (FICCAR), Banco CUSCATLAN committed to make efforts so that 20% of the person-to-person transfers received in its branches and digital banking, its clients will use them for savings.

Family remittances received by El Salvador totaled US$5,332 million in the period from january to august 2023, according to data published by the Banco Central de Reserva (BCR).

Cryptocurrencies can have both a positive and negative impact on financial inclusion.

Officially recorded remittance flows to low- and middle-income countries are estimated to grow by 1.4% to US$656 billion in 2023, while economic activity in remittance-sending countries is expected to slow, limiting employment and wage gains for migrants, according to the latest Migration and Development Review released today by the World Bank.

Remittances are much more than a transfer of money from one country to another. They are an emotional and financial link that connects migrant workers to their homes and families in their countries of origin.

The President of the Banco Central de Reserva (BCR), Douglas Rodríguez, explained in a morning interview that the country's financial health has shown positive results, as deposits made by salvadorans showed a 4% growth as of april 26, 2023, or US$18,382 million compared to the same period of 2022.

According to the Inter-American Development Bank (IDB), remittances received by Central American countries (Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama) during 2022 will reach US$38.9 billion, marking a new historical high with an annual growth of 16.1%, the highest among all LAC sub-regions in 2022 and still high compared to the average values of 10.4% during the previous ten years.

According to the Banco Central de Reserva (BCR), in january 2023, El Salvador received US$588 million in family remittances, showing a growth of 6.4% compared to the same period last year.

According to the director of Economic and Fiscal Policy of the Ministry of Finance, Luis Sanchez, explained that the Banco Central de Reserva (BCR) projections, for december of this year we estimate to have US$7,943 million in remittances. That is, US$201 million more than in 2022.