Remittances to El Salvador as of the end of August 2023 totaled $5,368.00 million; it represents a 5.27% annual increase, equal to $269.49 million more than in 2022, according to the latest data from the Central Reserve Bank of El Salvador (BCR).
Monthly remittances to El Salvador in 2023 are averaging $673.25 Million, reaching a high of $753.19 Million in May. The average for 2022 was $651.54 Million, with December being the highest month at $767.98 million.
In August 2023, El Salvador received $675.04 million in remittances, surpassing the $654.71 million received in August 2022, a 3.11% increment or $20.33 million more.
El Salvador’s Central Reserve Bank, over 95% 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.
The principal country of origin of remittances is the United States, followed by Canada, Spain, Italy, the United Kingdom, and Mexico.
Family remittances to El Salvador through digital bitcoin wallets are falling more and more. Until July 2023, the amount received through this channel was 28% less than what was received in the same 2022 period.
Remittances to El Salvador
Remittances have increased steadily in the last decade; they are a big part of El Salvador Gross Domestic Product, GDP.