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Remittances are up

Thursday, July 3, 2014


 

Central America is having one of its best years in terms of remittances, with some countries reporting records.

The leading receiver of remittances in Central America, Guatemala between January and May received $2.2 billion, up from $2 billion in the same period of last year.

Central America was among the first regions to show recovery in remittances after the global financial crisis of 2008, according to the Inter-American Development Bank's Multilateral Investment Fund.

In second place in the region is El Salvador, with $1.3 billion in the first five months of the year, $79 million more than in the same period last year.

Nicaraguans received 6 percent more in the first four months this year, with $368 million.

Mexico was among the countries to show most growth in the region, with $7.4 billion in the period January-April, almost 9 percent higher than in 2013.

As a result of this performance, Walmart de México and Centroamérica has increased its remittances services through an alliance with Bancomer Transfer Services, a unit of BBVA Bancomer, in order to offer money transfers across more than 1,100 branches in Mexico.

Nicaraguan banks have also expanded their remittance services.

Clients often favor banks due to lower transfer fees and the availability of related services.

Central America receives 24 percent of Latin America's remittances, according to the Inter-American Development Bank.