The money sent back to El Salvador by Salvadorans living in the US and elsewhere continues to grow significantly according to recent released data:
Remittances to El Salvador grew 18.1% to $2.44 billion during the nine-month period, the country's central bank said in a press release.
Salvadoran banks handled 21.9% of remittances through their offices in the U.S. and paid out about 70% of all family remittances through their branches in El Salvador.
El Salvador received $2.83 billion in remittances last year, equivalent to 16.6% of the country's gross domestic product.
Why such strong growth? Are there that many more Salvadorans emigrating? Are Salvadorans abroad getting wealthier and having more money available to send home? Is there a perception that families back home are even more in need of funds than in the past? Are there other reasons?
There is little doubt about the importance that remittances now play in the economy of El Salvador and that this money provides a level of support for many families who would otherwise be in extreme poverty.