El Salvador: Family Remittances Grow 3.9% in May

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Sending family remittances to El Salvador grew 3.9% annually as of May and totaled $3.145 million, according to Central Reserve Bank (BCR) data.

In May alone, the BCR office reported that $701.8 million was received, the highest number received so far this year. However, it should be noted that this is the lowest growth rate since 2019 and is a far cry from the double-digit percentages of previous months.

As always, the United States remains the main source country of remittances (93%), followed by Canada, Spain, Italy, the United Kingdom and Mexico. As for the number of operations carried out to send this money, it was practically the same as in May last year: 9.5 million.

Transfers sent through digital Bitcoin wallets continue to have low engagement. According to BCR data, of the total $ 3.154 million received in the country, $ 52 million were for these wallets, which is equal to 1.7%.

When analyzing the data from September 2021 (when the Bitcoin law went into effect in the country) and May 2022, $148.3 million was entered through cryptocurrency wallets.

This figure represents 2.5% of the $5,773 million in remittances that entered the Central American country in the 9 months of bitcoin law.

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