Sunday, 24 April 2022 23:15

Family remittances accumulated US$1,802.3 million as of march 2022

Written by Evelyn Alas

Family remittances sent to El Salvador between january and march 2022 accumulated US$1,802.3 million, registering a growth of 5.9%, equivalent to an additional US$100.5 million compared to march 2021.

Of the total family remittances received, 94% were sent from the United States, followed by Canada, Spain, Italy and the United Kingdom with shares of 0.9%, 0.4%, 0.3% and 0.1%, respectively.

Family remittances collected through banking institutions as of march totaled US$618.8 million, equivalent to 34.3% of the total, showing a growth of 2.7%, with respect to the same period of the previous year; while other institutions dedicated to the payment of family remittances represented 62.3% of the total, equivalent to US$1,123.4 million, registering a growth of 5.0%.

Family remittances withdrawn over the counter to march amounted to US$1,193.6 million, representing 66.2% of the total, with a growth of 2.5%; while family remittances paid to bank accounts amounted to US$548.5 million, equivalent to 30.4% of the total, with a growth of 8.1%.

The amount sent from abroad to recharge cellular phones in march was US$4.9 million.

The fourteen departments of the country presented positive growth rates, mostly above 4.0%, with the departments reporting the highest rates: Cuscatlán (8.3%), Ahuachapán (8.1%) and La Paz (7.7%). In monetary terms, the three departments that received the most family remittances from abroad were: San Salvador (US$364.6 million), San Miguel (US$211.1 million) and Santa Ana (US$144.0 million).

Considering the type of family remittances, 99.1% of the total corresponded to current remittances destined for consumption, while the remaining 0.9% corresponded to capital remittances destined for investment. The latter showed a significant growth of 60.6%, from US$10.3 million in the first quarter of 2021 to US$16.5 million in the first quarter of 2022.