Thursday, 19 May 2022 15:29

Family remittances total US$2,444.1 million as of april 2022

Written by Evelyn Alas

The Banco Central de Reserva (BCR), informed that family remittances received by our country between january and april 2022 totaled US$2,444.1 million, registering a growth of 4.2% equivalent to US$99.4 million more than in the same period of the previous year.

Family remittances withdrawn through banking institutions as of april totaled US$840.2 million, equivalent to 34.4% of the total, with a growth of 1.2% with respect to the same period of the previous year, while other remittance institutions dedicated to the payment of family remittances represented 62.2% of the total, equivalent to US$1,520.9 million and a growth of 3.2%.

Meanwhile, family remittances withdrawn over-the-counter as of april accumulated US$1,614.7 million with a share of 66.1% of the total and a growth of 0.8%, while family remittances sent to bank accounts totaled US$746.4 million, equivalent to 30.5% of the total, with a growth of 6.4% compared to the same period of 2021.

The geographical distribution of family remittances between january and april shows that the western zone accumulated US$413.0 million, registering a growth of 3.3%; the paracentral zone received US$289.1 million (3.1% more), the central zone U$892.0 million (2.7% more) and the eastern zone received US$765.0 million, equivalent to a growth of 1.4%.

Between january and april 2022, the three departments with the highest growth rate in family remittance inflows were Cuscatlán with 7.4%, Ahuachapán with 5.7% and La Paz with 5.2%. Of the total family remittances sent to El Salvador, 94.0% were sent from the United States, followed by Canada, Spain, Italy and the United Kingdom with 0.9%, 0.4%, 0.3% and 0.1% of the total, respectively.