Remittances to El Salvador in January 2024 Decreased by 0.36% Compared to January 2023

By Eddie Galdamez  | Updated on Feb 21st, 2024

Family remittances to El Salvador dropped by 0.36% in January of this year compared to January 2023. According to the Central Reserve Bank of El Salvador (BCR), remittances to El Salvador in January 2024 totaled $594.1 million.

Last year, remittances to El Salvador reached a new high; in 2023, the country received $362.2 million more in remittances than in 2022, with a monthly average of $743.8 million.

Remittances to El Salvador
2020 2021 2022 2023 2024 Change
2023-2024
January 423.8 522.3 560.3 596.3 594.1 -0.36%
February 448.5 510.2 579.9 605.6
March 435.5 688.2 685.1 712.2
April 287.3 648.0 648.7 666.2
May 414.4 688.7 706.9 751.6
June 508.1 627.1 637.9 686.8
July 553.1 632.7 642.4 691.5
August 559.3 621.5 654.9 677.2
September 553.4 600.9 628.1 667.1
October 575.4 652.7 674.1 685.7
November 519.4 632.3 631.9 651.7
December 651.6 760.7 769.5 790.0
Totals 5929.9 7585.2 7819.6 8181.8 594.1 -0.36% *YTD
Average 494.2 632.1 651.6 681.8 594.1
Salvadoran Remittances

In 2023, El Salvador received US$8,000 million in family remittances, a historic figure for our country, with a growth of 4.6% compared to 2022, equivalent to an additional US$362.2 million, with the United States being the main country of origin, with 93% of the remittances sent. Central Reserve Bank of El Salvador (BCR).

According to El Salvador’s Central Reserve Bank, over 95% of family remittances received in 2023 were transferred through banks and remittance companies. The remaining 4% were transferred using other types of payment services, including cryptocurrency wallets.

The principal country of origin of remittances is the United States, followed by Canada, Spain, Italy, the United Kingdom, and Mexico.

Remittances to El Salvador

In conclusion, remittances sent to Salvadorans play a pivotal role in the nation’s economy, providing vital financial support to countless families.

Their consistent flow bolsters consumption, promotes economic stability, and underscores the significance of the Salvadoran diaspora in sustaining the country’s well-being.

Remittances have increased steadily in the last decade; they are a big part of El Salvador Gross Domestic Product, GDP.