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CENTRAL AMERICA |
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Remittances to
El Salvador Fall 10%
SAN SALVADOR – Remittances from Salvadoran
emigrants totaled $2.58 billion during the
first nine months of the year, down 10.3
percent from the same period in 2008, the
Central American nation’s central bank said
Monday.
The Banco Central de Reserva noted, however,
that the pace of the decline in remittances
has slowed, from 12.7 percent in the second
quarter to 10.4 percent in the
July-September period.
The drop is blamed on the severity of the
recession in the United States, where the
vast majority of Salvadoran expatriates
live.
One of the pillars of El Salvador’s weak
economy, remittances are the country’s
second-largest source of revenue and in
recent years have accounted for up to 17
percent of its gross domestic product. EFE
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