Remittances to El Salvador increased by 3.71% as of October 31, 2022

By Eddie Galdamez  | Updated on: Nov 17th, 2022

Remittances to El Salvador from January 1 to October 31, 2022, totaled $6356.64 million; it represents a 3.71% growth compared to the same 2021 period; the latest data from the Central Reserve Bank of El Salvador (BCR) shows the increase.

Monthly remittances to El Salvador in 2021 averaged $625.39 Million, reaching an all-time high of $750.09 Million in December. The monthly average as of October 31, 2022, is $635.66 Million, with May being the highest month at $701.78 million.

In October 2022, Salvadoran households received $667.33 million in remittances, exceeding the $645.36 million received in October 2021, registering a growth of 3.40%, equivalent to an additional $21.97 million for October 2022.

Remittances to El Salvador
2020 2021 2022 Change
2021-2022
January 423.76 514.64 552.74 7.40%
February 448.54 505.60 572.64 13.26%
March 435.45 681.54 676.88 -0.68%
April 287.32 642.95 641.83 -0.17%
May 414.39 683.27 701.78 2.71%
June 508.14 621.65 632.80 1.79%
July 553.14 624.82 636.99 1.95%
August 559.30 614.67 649.96 5.74%
September 553.44 594.97 623.69 4.83%
October 575.42 645.36 667.33 3.40%
November 519.42 625.17
December 651.94 750.09
Totals 5930.26 7504.73 6356.64 3.71% *Oct 31, 2022
Average 494.19 625.39 635.66

According to El Salvador’s Central Reserve Bank, over 96% of family remittances received this year were transferred through banks and remittance companies. The remaining 4% were transferred using other types of payment services, including cryptocurrency wallets, which account for 1.7% of the total yearly remittances.

Remittances received from the United States account for over 93% of total remittances, followed by those from Canada, Spain, Italy, and the United Kingdom.

In 2022, March and April are the only months when remittances were less than in 2021. Thus far, February 2022 has seen the most significant percentage increase of 13.26%, with August being second with a growth of 5.74%.

May 2022 is the month with the highest amount of remittances for the year; Salvadorans received $7014.78 million during this month.

The remittance numbers for 2022 are good news for the Salvadoran economy. Additionally, exports of Salvadoran goods in 2022 have increased compared to the same 2021 period.

Remittances to El Salvador

Remittances to El Salvador, 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.