SAN SALVADOR, El Salvador (AP) — The money sent home to El Salvador by migrants plunged 40% at the start of the coronavirus pandemic, but then recovered to end 2020 at a record high of $5.92 billion, authorities said Monday. The country’s central bank said the figure was 4.8% higher than in 2019, or almost $270 million more. Remittances account for 23% percent of El Salvador’s gross domestic product and benefit about 360,000 households. The lowest point was in April, when remittances were down 40% as compared to the same month of 2019, but by June they started recovering. The vast majority of Salvadoran migrants, almost 2 million, work in the United States, where the economic effects of the pandemic resulted in lost income. Read more on NewsOK.com
Remittances To El Salvador Rebound After Early Pandemic Drop
NewsOK.com RSS - business >> !The Oklahoman, Daily Oklahoman: Business
Mon, 01/18/2021 - 11:19am
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