Despite almost flat December figures, remittances up 2.15% in 2010

Tuesday, January 18, 2011

Despite minimal growth in December, remittances sent to El Salvador increased 2.15% to US$3.54bn in 2010 when compared with 2009, the latest figures from central bank BCR show.

In December, Salvadorians living abroad sent home US$340mn, a 1.04% increase when compared with the same month in 2009.

The main factor explaining the small growth has been unemployment rates in the US, from which the majority of remittances originate. The unemployment rate of the Latino population in that country reached 13% in November, the highest since July 1983, a press release from BCR reads.

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