Remittances up 13% year-on-year in Q1

- Wednesday, August 31, 2011

Remittances up 13% year-on-year in Q1

Remittances to Bolivia rose 13% in the first quarter of 2011 compared to the same period last year, according to the latest data published by central bank BCB.

Overall, Bolivian workers abroad sent home US$250mn in 1Q11. Spain continues to be the leading source of remittances, but flows from the country fell 15% year-on-year in the quarter, to US$76.4mn.

In volume terms, Spain is followed by Argentina (22.5% of the total), the US (16.2%) and Brazil (7%). The latter country is the fastest growing source of remittances to Bolivia, with flows from Brazil rising from US$3.4mn in 1Q10 to US$17.4mn in 1Q11.

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