Thursday 1 June 2023

Remittances in Nicaragua rose 61.3% in the first quarter

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Q24N (100%Noticias) More than a billion dollars in family remittances were received by Nicaraguans between January and March of 2023, most of it coming from the United States, which corresponds to the high flow of migrants that have left Nicaragua.

A remittance branch, in Managua, Nicaragua.

Nicaraguans received US$1.020. billion dollars between January and March 2023 from family and friends abroad, 61.3% more than in the same period of 2022, the Central Bank of Nicaragua reported last Saturday.

Remittances represent 20.5% of Nicaragua’s Gross Domestic Product (GDP).

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In the first quarter of 2022, Nicaraguans received US$632.6 million dollars in remittances, US$387.7 million dollars less than the amount received in the first three months of 2023, the Central Bank said in a report.

“The flow of remittances entering the economy continued with the dynamism observed last year,” the monetary entity highlighted.

Of the total remittances received between January and March 2023, 81.2% of the flows came from the United States (US$828.9 million dollars); followed by Costa Rica, with 7.7% (US$78.9 million), and Spain, with 6.4% (US$65.8 million), according to official information.

Following is Panama (1.3%) and Canada (0.7%), which together with the US, Costa Rica and Spain represented 97.3% of the total received between January and March 2023.

Remittances from the United States registered a growth of 87.2% compared to the first quarter of 2022 and those from Costa Rica did so by 14.2%; On the other hand, family remittances from Panama and Spain decreased by 16.9% and 6.3%, respectively, the Central Bank specified.

Nearly 20% of the total population of Nicaraguan origin, estimated at 6.7 million, lives abroad, mainly in the United States and Costa Rica, and it is estimated that half of them do so undocumented (illegally).

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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