Caribbean & Central America - February 2010 (ISSN 1741-4458)

In January 2010 remittances came to US$236m, a 6.5% decline on the same month the previous year. In cash terms the drop amounted to US$16.4m. Month-on-month the drop is significant; in December 2009 the country received US$336m in remittances, so the month-on-month drop is exactly US$100m or just under 30%.   Remittances also dropped between December 2008 and January 2009 but the fall in both cash terms and percentage terms was much lower. In December 2008 the country received US$337m in remittances and in January 2009 it received US$252m. So the cash drop then was US$85m and in percentage terms the fall was 25%. The Banco Central de Reserva de El Salvador comforts itself with the fact that although it may be doing worse in absolute terms it is still doing better than its neighbours. In Guatemala, there was a 15.2% drop in remittance inflows in January; Mexico had a 15.7% fall in the same month while Colombia had a 14.4% fall and Honduras an 11.2% fall.

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