$ 866.1 million in remittances from the United States to support the economy

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Remittances totaled $ 1,381.6 million in August this year, of which $ 866.1 million came from the United States, reflecting the support that remittances from this economy mean to the Nicaraguan economy, according to the Central Bank of Nicaragua. (BCN).

According to the bank’s largest source, the total amount of $ 1,381.6 million reached up to August of this year was $ 569 million, which is higher than the same period last year. . This represents an increase of 16.5% over the same period in 2020 ($ 1,186.0 million).

Most remittance-based economies are growing in Nicaragua, but only the United States reported a 22% increase.

Last year until August from the United States, where the largest immigrant community is from Nicaragua, income of $ 709.5 million, another $ 156 million this year came from that country , for domestic consumption and a significant part of the economic growth spurt, which the Central Bank of Nicaragua estimated this year at 7%, based on activity that contracted in 2020.

It was not until August that the United States entered $ 174.8 million, up from the same month last year, but in March of this year the limit was reached until present in 2021, with $ 190.7 million.

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Nicaraguans have benefited from the recovery of the US economy, after 2020 hit hard by the impact of the pandemic. However, the spread of the COVID-19 delta rate has generated a kind of pessimism among economists in this country, who have already lowered their expansionary forecasts for this year.

In an update to its forecast, the National Association of Business Professionals lowered its growth forecast from 6.7% last May to 5.6%. But he raised expectations for next year from 2.8% to 3.5%.

Spain is another economy that has seen significant growth in inbound remittances to Nicaragua, which stood at $ 203.6 million in August of this year, up from $ 169.8 million in the same period l ‘last year. This means additional growth of $ 33.8 million (a 19.90 percent increase).

Costa Rica ranks third with revenue of $ 175.5 million, just under $ 179.1 million. Costa Rica’s economy has been significantly affected by the epidemic, which has resulted in high unemployment rates.

The Nicaraguan immigrant community who settled in Panama until August sent $ 47.1 million, compared to the $ 46.6 million they received in the same period last year.

Other countries affected by remittances are: Canada $ 19.7 million, Mexico $ 4 million, El Salvador $ 8.3 million and the rest of the world $ 57.3 million, data shows official.

Also read: Are you planning to take out a loan? These are the interest rates for banks in Nicaragua


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