* Nicaragua’s central bank (BCN) has released new figures revealing that remittances to the country amounted to US$410.9m in October, up 28.4% on the same month last year. Of the total received in October, 83.3% came from the US, followed by Costa Rica (6.9%), Spain (5.7%), Panama (1.1%), and Canada (0.7%). Remittances in the first ten months of the year totalled US$3.84bn, up 49.1% on the same period in 2022. The BCN report attributes the substantial increase primarily to a 62.2% year-on-year growth in flows from the US. A report released last month by the International Monetary Fund (IMF) is forecasting that remittances to Nicaragua are projected to reach about 28% of GDP at end-2023, double their end-2021 level, driven by the rapid increase of Nicaraguan emigrants who have left the country as a result of the crackdown on dissent by the government led by President Daniel Ortega.
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