Saturday 25 March 2023

Remittances show a year-on-year growth of 29.1% in Nicaragua

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25 March 2023 - At The Banks - BCCR

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TODAY NICARAGUA (EFE) Remittances received by Nicaraguans from different parts of the world showed year-on-year growth of 29.1% in the first quarter of 2022 compared to the same period in 2021, after accumulating US$866.5 million dollars between January and April last, reported Friday the Banco Central de Nicaragua (BCN) – Central Bank of Nicaragua.

“In accumulated terms, remittances total US866.5 million dollars, which compared to the US671.2 million registered in the January-April 2021 period, meant a year-on-year growth of 29.1%,” detailed the Central Bank in its most recent report on remittances.

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The flow of remittances in the first quarter of 2022 showed a growth of 48.3% coming from the United States, 20.5% from El Salvador, 14.9% from Canada, and 2.8% from Costa Rica, indicated the BCN.

At the other extreme, the flow of remittances from Spain in that period fell by 9.6%, while from Panama fell by 9.0%, the Bank detailed.

According to the BCN, “in April remittances totaled US233.9 million dollars, 36.9% higher than the same month last year, with US$170.8 million dollars.”

The main countries from which the remittances are received in April 2022 originated were the United States (75.2%), Spain (9.2%), Costa Rica (8.4%), Panama (2.3%) and Canada (1.2%). Together they accounted for 96.3% of the total received in that month, detailed the BCN.

In 2021 Nicaragua received US$2.146 billion dollars in remittances, 16% more than in 2020, according to official figures.

Close to 20% of the total population of Nicaraguan origin, estimated at 6.6 million inhabitants, lives abroad, mainly in the United States and Costa Rica, and it is estimated that half of them do so undocumented.

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Remittances represent 17% of Nicaragua’s Gross Domestic Product (GDP).

Article originally appeared on Today Nicaragua and is republished here with permission.

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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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