Remittances maintain a great contribution to the economy of El Salvador

Family benefits are extremely important for the family economy in the country, according to official sources.

To get an idea of ​​the importance of this sector, a look at the country’s exports in the same period is enough, in which the main items sold abroad accumulated five thousand 91 million from January to August.

Data from the Central Reserve Bank (BCR) estimate that of the large volume at least 47 million were oriented to investment, an increase of 45 percent compared to the previous year when there was a decrease in shipments mainly due to the coronavirus pandemic. Covid-19 and the recession in the United States, the main issuer of remittances.

The flow of money from the northern nation is the most important because, according to estimates, between two and 2.7 million Salvadorans live there.

The BCR estimates that one in four Salvadoran households receives remittances, mainly from US territory, although there are Salvadorans in 142 nations around the world who support relatives in the country.

Until last August, an increase of 3.6 percent more than what was received in the same period of 2021 was recorded, when remittances reached four thousand 889 million.

The authorities highlight that in August, the scene of holidays and traditional festivals, the amount of shipments was 650 million dollars more than the 615 million received in that month in 2021.

The income of money is positive despite the economic situations that affect the issuing nations, especially the United States, where Salvadorans set the pace with 96.8 percent of the total money that enters the country for that concept.

Inflation and the high costs of basic services are part of the expenses that the brothers living in the United States must face, but that has not stopped the growth of remittances, they are making more of an effort to send money, commented Douglas Rodríguez, president of the BCR.

The shipments have as their main destination the consumption of families who used five thousand 19 million dollars to satisfy their basic needs.

The departments that receive the most funds from abroad are San Salvador, San Miguel, Santa Ana, La Libertad and Usulutan.

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