El Salvadorans sent $552.7 million in January to their relatives

Approximately 94% of the funds sent were from the United States. The data also indicates that only the $10 million they sent was transferred through digital wallets.

Salvadorans residing abroad sent remittances to their relatives worth $552.7 million in January 2022, as reported Friday by the Central Reserve Bank (BCR).

According to the data, $518.5 million was received from the United States, which is equivalent to 93.8% of total family transfers and represents a growth of 5.6%.

The remainder was sent from Canada in the amount of $4.9 million; Spain, $2.2 million; Italy $1.9 million; And from the United Kingdom it was 800 thousand dollars.

These data confirm that the United States remains the main source of remittances and that this remittance of funds from El Salvadorans remains a strong and fundamental pillar of El Salvador’s economy.

You can read: El Salvador sets new record in remittances: $7,517 in 2021

In which regions of the country received the most remittances?

The three counties that received the most remittances in January 2022 were San Salvador, with $113.2 million; San Miguel $64.8 million; and Santa Anna for $44.3 million.

While the three provinces that recorded the main increases were La Paz (11.6%), Huachapan (9.8%) and San Vicente (8.4%). According to the British Red Cross, 74% of municipalities have registered an increase in remittances, with rates ranging from 1% to 63%.

The transfer of money made by citizens means a growth of 7.4%, since it equates to an additional $28 million compared to January 2021.

The Bank of Bahrain and Kuwait indicates in its report that the number of registered transfers amounted to 1.7 million, i.e. a growth of 0.3% compared to January of last year.

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Also: Only $44.6 Million in Transfers Came Through Crypto Wallets to El Salvador

Similarly, the World Bank report details that most remittances were collected through the teller’s window, i.e. at tellers of financial institutions, supermarkets or other businesses that act as financial correspondents, amounting to $364.1 million, an increase of 4.2%. .

Those transferred through the bank accounts of Salvadorans in the country amounted to $169.2 million and registered a growth of 8.4% compared to the same month in the previous year.

In contrast, the funds sent through digital wallets amounted to $10 million and $1.6 million only through mobile recharges. This data contradicts the government’s rhetoric that Salvadorans will save money by sending more transfers via virtual wallets, particularly through Chivo Wallet.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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