Remittances pick up pace after June slowdown, rise 5.09% in July

Tuesday, August 16, 2011

Remittances to El Salvador maintained the positive trend seen this year and increased 5.09% year-on-year in July, as well as showing solid growth in this year to end-July, according to the latest figures from central bank BCR.

Salvadorians living abroad sent home US$301mn in July, compared to US$287mn in the same month in 2010, beating the brief year-on-year slowdown recorded the previous month. Remittances also expanded 0.50% from June.

BCR said improvements in the US labor market for the Latino population drove the remittances' expansion in July.

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Overall for the first seven months of the year, remittances grew 4.45% to US$2.11bn, BCR figures show.