As of March 2023, remittances to El Salvador total $1188.4 million; it represents a 5.61% growth or $63.1 million more compared to the same 2021 period, according to the latest data from the Central Reserve Bank of El Salvador (BCR).
Monthly remittances to El Salvador in 2023 are averaging $594.2 Million, reaching an all-time high of $600.4 Million in February. The average for 2022 was $645.2 Million, with December being the highest month at $760.3 million.
In February 2023, El Salvador received $600.4 million in remittances, surpassing the $572.6 million received in February 2022, a 4.86% increment or $27.8 million more.
The February 2023 remittances to El Salvador were 2.11% more than the previous month, an increase of $12.4 million.
El Salvador’s Central Reserve Bank, over 96% of family remittances received in 2022 were transferred through banks and remittance companies. The remaining 4% were transferred using other types of payment services, including cryptocurrency wallets, which account for about 1.7% of the total yearly remittances.
In 2022, March, April, and November were the only months when remittances were less than in 2021. February 2022 saw the most significant percentage increase of 13.26%, with August being second with a growth of 5.74%.
December 2022 was the month with the highest amount of remittances for the year; Salvadorans received $760.3 million during this month. May 2022, with $701.8, arrived in second.
The remittance numbers for 2022 were good news for the Salvadoran economy. Additionally, exports of Salvadoran goods in 2022 increased compared to 2021.
Remittances to El Salvador
Remittances, mainly from the United States, Canada, and Europe, are a principal source of revenue for the country. Remittances have increased steadily in the last decade; they are a big part of El Salvador Gross Domestic Product, GDP.