LatinNews Daily - 21 February 2022

In brief: Remittances to El Salvador rise

*El Salvador’s central bank (BCR) has released new figures which show remittances sent to El Salvador in January 2022 totalled US$552.7m, up 7.4% on the same month in 2021. Of the total, 93.8% (US$518.5m) were from the US, followed by Canada (US$4.9m), Spain (US$2.2m), Italy (US$1.9m) and the UK (US$0.8m). Remittances to El Salvador totalled a record US$7.52bn in 2021, up 26.8% on 2020, of which the US accounted for 94.9%. According to the International Monetary Fund (IMF), remittances accounted for over 25% of El Salvador’s GDP in 2021.

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