Saturday, January 19, 2008

Remittances continue growing

Remittances, the money sent home by Salvadorans working abroad, are perhaps the single biggest economic force in the country. The billions sent back in 2007 set another record :

SAN SALVADOR, El Salvador. Money sent home by Salvadorans working abroad - mainly in the United States - rose to a record US$3.69 billion in 2007, about 6.5 percent more than in 2006, the government announced on Thursday.

Remittances rose by US$224 million, and now equal about 18 percent of the country's gross domestic product, El Salvador's central bank reported.

"The results on remittances were positive, when seen in the context of the U.S. economy, which is showing less growth," the Central Bank said in a statement.

Remittances are one of the main sources of income for this Central American nation, which uses the dollar as its national currency.


Anonymous said...

that is a lot of money, especially for such a little country like ES. i just wonder where all that money eventually ends up. is people saving or just spending it on everyday basics. well, i had a friend who told me she had a friend whose husband sends her money monthly and goes and spends it like she'd won the lottery, even with another man.

Anonymous said...

the money ends up in the hands of the U.S. Embassy who are now charging 300 @#$ing dollars per interview for salvys to hear a YES OR NO answer to travel to the U.S..

It was 50 back in 96, then went to 300. operhaps 500 by the end of the year, go check out the line everymorning. It was alot longer than that 10 yrs ago. Now one has an "appointment".