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LATIN AMERICA / THE CARIBBEAN
Remittances remain stable
5/29/2013
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Money transfers increase slightly despite the European recession, with sub-regional differences, however.

The Inter-American Development Bank (IADB) informed that the region received a total of  US$61.3 billion in remittances in 2012, a slight increase of $300 million, or 0.6 percent, over the previous year.

The report “Remittances to Latin America and the Caribbean in 2012: Differing Behavior among Sub-regions,” published at the end of April by the Multilateral Investment Fund (MIF), a member of the IADB, show that remittances inflow trends varied among countries.

 “While remittances to South American countries and Mexico decreased by 1.1 percent and 1.6 percent, respectively, the countries in the Caribbean displayed modest growth and Central American nations experienced a significant increase of 6.5 percent in the total remittances received,” the IADB specified in a statement. “This increase helped offset decreases in bigger countries, allowing for the region as a whole to end the year with slight growth.”

However, the amount of money sent home by migrants has been affected by the European recession, particularly in Spain, which is the second largest source of remittances to the region, particularly for many South American countries, the report said. Spain is home to around 15 percent of Latin American and Caribbean migrants, especially from the Andean countries, which represent more than 67 percent of the total number of migrants from the region.

Remittance flows continue to represent an important source of income for many countries and constitute more than 10 percent of the gross domestic product in several countries, such as El Salvador, Guatemala, Guyana, Haiti, Jamaica and Nicaragua.

Nancy Lee, MIF General Manager, said that “the latest data show that migrants continue to provide critical financial support to millions of households across the region. The development impact of remittances can be much greater if families have the option to save some of these flows rather than convert them all into cash upon receipt.”
—Latinamerica Press

LATIN AMERICA/THE CARIBBEAN
Remittance (millons of US$)

Country
2011
2012
Mexico
22,731
22,446
Guatemala
4,377
4.782
Colombia
4,168
4,073
El Salvador
3,650
3,911
Dominican Republic
3,131
3.158
Honduras
2,862
2,894
Peru
2,697
2,779
Ecuador
2,673
2,451
Jamaica
2,025
2,038
Brazil
1,974
1,989
Haiti
2,057
1,988
Nicaragua
1,053
1,152
Bolivia
1,012
1,094
Argentina
1,011
991
Chile
936
902
Paraguay
789
804
Venezuela
809
803
Panama
592
601
Costa Rica
530
579
Guyana
401
405
Trinidad and Tobago
131
129
Uruguay
124
123
Suriname
114
113
Belize
107
112

Source: IADB


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