Thus far, in 2024, family remittances to El Salvador are up $16.14 million or 1.34% compared to 2023. According to the Central Reserve Bank of El Salvador (BCR), remittances to El Salvador as of February 2024 totaled $1218.0 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.
In February 2024, El Salvador received $623.9 million in remittances, $18.3 million or 3.02% more than in February 2023.
| 2020 | 2021 | 2022 | 2023 | 2024 | Change 2023-2024 |
|
|---|---|---|---|---|---|---|
| January | 423.8 | 522.3 | 560.3 | 596.3 | 594.1 | -2.16 (-0.36%) |
| February | 448.5 | 510.2 | 579.9 | 605.6 | 623.9 | 18.30 (3.02) |
| 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 | 1218.0 | 1.34% *YTD |
| Average | 494.2 | 632.1 | 651.6 | 681.8 | 609.0 |
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.
