Remittance flow reaches an all-time high | Economy | News

According to the Central Bank of Ecuador (BCE), the influx of remittances that reached the country in the first half of the year amounted to 2,008.68 million US dollars, which is a record high.

The increase in the flow of remittances in the January-June 2021 semester became a historical record, as the economic recovery in the United States, Spain and Italy, among other factors, allowed a growth in the flow of remittances that reached the country in the first half of the year, with a record number of 2 , 008.68 million US dollars, according to the Central Bank of Ecuador (BC).

The flow of remittances is driven by economic growth

The European Central Bank clarified in its report that the volume of remittances during the first half of the year increased by 43.62% than was observed in the same period in 2020, when it reached 1,398.62 million US dollars. This increase in the flow of remittances is mainly due to the incentives and assistance provided to families by the US government, in the context of the measures implemented in that country to counter the effects of the pandemic. The flow of remittances from the United States in the first half of the year amounted to 1,242.68 million US dollars, which is 61.87% of the total value received for this concept.

The flow of remittances to Ecuador has also been boosted by the economic growth recorded in other destinations for Ecuadorean migrant workers such as Spain and Italy.

The flow of remittances from Spain in the first half of 2021 amounted to 446.91 million US dollars, which is slightly lower than 448.92 million dollars in the second half of 2020, although it is higher than 321.32 million dollars in the first quarter of last year.

The volume of remittances from Spain that reached Ecuador in the first half of the year represented 22.25% of the total inflow received in this period. Meanwhile, the outflow from Italy in the first half of 2021 amounted to 93.33 million US dollars, accounting for 4.65% of the total.

During the first half of 2021, remittances from the rest of the world amounted to $225.76 million, accounting for 11.24% of the total.

Similarly, Ecuadorean workers residing in the United Kingdom, Switzerland, France, Germany and Belgium contributed $64.01 million to the global flow of remittances, or 3.91% of the total.

Immediate receipt of remittances

From Pichincha EnvĂ­os, the Pichincha . app Banco Pichincha Spain Allows residents and adults to send money to Ecuador from their office or online, safely, easily and quickly (www.pichinchaenvios.es); Thus, Ecuadoreans in Spain can send remittances to their families in Ecuador. The money is received instantly in the accounts of Banco de Pichincha in Ecuador, 250 agencies or 7,000 non-bank correspondents “Mi Vicino”.

Ecuadoreans residing in the United States and the rest of the world can contact the shipping agency or money converter of your confidence and request immediate delivery of your money order to Banco Pichincha.

If the beneficiary does not have an account with Banco Pichincha, he can open it in a few minutes on www.pichincha.com

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