SAN SALVADOR, El Salvador (AP) – Cash despatched dwelling to El Salvador by migrants plunged 40% at the beginning of the coronavirus pandemic, however then recovered by the top of 2020 to a report $ 5.92,000. million, authorities stated Monday.
The nation’s central financial institution stated the determine was four.eight% larger than in 2019, or practically $ 270 million extra.
Remittances signify 23% of El Salvador’s gross home product and profit some 360,000 households.
The bottom level was in April, when remittances fell 40% in comparison with the identical month of 2019, however in June they started to recuperate.
The overwhelming majority of Salvadoran migrants, practically 2 million, work in the US, the place the financial results of the pandemic resulted in a lack of revenue.
Copyright 2021 The Related Press. All rights reserved. This materials will not be revealed, broadcast, rewritten or redistributed with out permission.