Remittances to El Salvador totaled 2,743.6 million in the first half of 2019

Remittances of money received by El Salvador during the first six months of 2019 totaled 2,743.6 million dollars, 3.5% more than in the same period of 2018, the Central Reserve Bank (BCR) reported Tuesday. .

The financial institution explained that family remittances, mainly from the United States, were higher by 92.3 million dollars compared to the first half of last year, when they totaled 2,651.3 million dollars.

He indicated that last June the country received 462.6 million in remittances and that in the period under study, the figure reached 2,605.9 million dollars from the United States alone, 3.8% more than the previous year.

The list of countries that sent the most remittances to El Salvador is completed by Canada with 25 million dollars and Italy with 11.9 million dollars.

The Central Bank noted that the central area of ​​the country was the one that received the most money with 989.8 million dollars (36.1%) and followed by the departments of the eastern region with 896 million, which constitutes 32.7% of the total of remittances.

Figures from the BCR show that these currencies benefit about 20% of Salvadoran households, some 353,000 families, making it one of the pillars of the economy of the impoverished Central American country.

According to the financial institution, the increases in the arrival of remittances in recent years is due to the "Trump effect", in reference to the assumption of the tycoon Donald Trump to power in the United States.

Because of the "Trump effect (...) what people are doing is moving their savings to their places of origin," said the then Salvadoran Minister of Economy, Tharsis Salomón López, at the end of June 2017.

The 2.8 million Salvadorans living in the United States sent a large part of the 5,468.7 million dollars in remittances received by the country in 2018.

On June 28, the BCR reduced the forecast for economic growth for the second time in the year for 2019, which went from 2.4 to 2.3%.

The financial institution noted that this adjustment in the forecast is due to the "recent evolution of the local economy and the downward trend in the economic growth expectations of the main trading partners".

(tagsToTranslate) remittances (t) Salvador (t) total (t) million (t) semester

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