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The Banco Central de Reserva de El Salvador (BCR) reported that income from family remittances in november 2024 amounted to US$698.93 million. Although this figure represents a slight decrease compared to october 2024, when US$722.92 million were registered, it is still a positive indicator of the constant inflow of resources coming from abroad, mainly from the salvadoran diaspora in the United States.
Comparing the data with the same month last year, a significant growth is observed, given that in november 2023 the amount reported was US$651.7 million. This inter-annual increase evidences the strengthening of the economic link between salvadorans abroad and their families in the country, who depend to a great extent on this economic flow to cover their basic needs and improve their quality of life.
The dynamism in remittances is related to factors such as the economic recovery in the countries where the salvadoran diaspora resides, especially in the United States, as well as the use of new technologies to make transfers. Likewise, government policies in favor of migrants have contributed to maintaining stable this source of income, which is vital for thousands of salvadoran households.
However, the slight drop recorded in november with respect to the previous month could be linked to seasonal factors or adjustments in labor dynamics in remittance-sending countries. Despite this, the outlook remains optimistic, as accumulated remittance income for this year maintains a sustained growth rate.
Family remittances are a fundamental pillar of the salvadoran economy, representing a significant portion of the Gross Domestic Product (GDP). This flow of capital not only drives domestic consumption, but also generates opportunities for savings and investment. The government and financial institutions continue to work to maximize the positive impact of these resources on the country’s development.
