Remittances in El Salvador registered an increase of 5.9% in the first quarter of 2022

Remittances in El Salvador continued their positive trend during the first quarter of 2022. They registered a total of $1,802.3 million, equivalent to 5.9% more compared to 2021, an increase equivalent to $100.5 million more.

The figures, presented by the Central Reserve Bank (BCR), also indicate that these increases have translated into direct income for Salvadoran households, which has been used to pay for consumption expenses and investments.

In addition, the institution pointed out that, between January and March 2022, remittances received for investment experienced a growth of 60.6%, equivalent to an additional $6.2 million. He also detailed that each recipient of remittances in the country receives a monthly average of $320, a figure that increased by 4.2% compared to 2021.

BCR figures indicate that remittances for investment in the first three months of 2022 were $16.5 million. In addition, they point out that San Salvador is the department that received the most remittances, with a total of $365 million.

The second department that received the most remittances in the first quarter of 2022 was San Miguel, with $211 million in total, while the third was Santa Ana, with a total of $144 million in remittances.