Weekly Report - 20 January 2004

EL SALVADOR | Remittances rise to new peak. Remittances by Salvadorean expatriates last year totalled US$2.1bn, or 8.8% more than in 2002. The inflow was equivalent to 14% of El Salvador's GDP and 80% of its trade deficit. The country also benefited, to an undisclosed extent, by the fact that 31% of the remittances were handled by agencies of Salvadorean banks.