Andean Group - March 2012 (ISSN 1741-4466)

Remittances: According to Bolivia’s central bank (BCB), remittances in January 2012 reached US$71.8m, 9.4% less than the same month in 2011. The BCB attributes the drop in part to unemployment in Spain (currently at 23%), which is the main source of remittances. According to the president of the BCB, Marcelo Zabalaga, remittances reached US$939m in 2010, rising to US$1.01bn in 2011; he forecast US$1.00bn for 2012 and US$883m for the year after, mainly due to the economic situation in Europe. According to the BCB, 46.8% of remittances come from Spain, followed by the US (20.1%), Argentina (15.3%) and Brazil (2.8%).

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