Weekly Report - 04 May 2023 (WR-23-18)

NICARAGUA | Remittances surge. Remittances totalled US$1.0bn in the first quarter of 2023 – up 61.3% on the same period in 2022 - Nicaragua’s central bank (BCN) reported on 28 April. The main source country was the US which accounted for 81.2% of remittances, which were up 87.2% on the same period in 2022. This was followed by Costa Rica (7.7%, up 14.2%), and Spain (6.4%, down 6.3%). This surge reflects continued record migration from Nicaragua as President Daniel Ortega cracks down on dissent. As of 2020, more than 100,000 Nicaraguans had fled the country, according to the United Nations High Commissioner for Refugees (UNHCR). By 2022, that number approximately doubled.

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