Remittances sent by compatriots abroad continue to be one of the most important pillars of income for Salvadoran households. According to the Central Reserve Bank (BCR), in the first five months of the year, shipments accumulated $3,145.9 million, with a growth of 3.9%, equivalent to $117.9 million more than in the same period of the previous year.
In May alone, remittances totaled $701.8 million, a relevant figure for the population since, according to the BCR, this represents “an important income for 20% of Salvadoran households, who use it mainly for consumption expenses that allow them to meet their basic needs.
Stratified, family remittances collected through banking institutions in the fifth month reached $1,080.6 million, which means 34.4% of the total, with a growth of 1.1% in the point-to-point comparison; while other institutions dedicated to transfer services recorded $1,955.9 million, with a 62% share.
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