The Central Bank of Nicaragua (BCN) presented statistics on remittances from abroad, corresponding to the month of October 2023, which showed a broad growth of 28.4% in relation to the same period in 2022.
“According to the monthly data published, remittances totaled 410.9 million dollars in the month of October, being 28.4 percent higher than the amount recorded in the same month last year (US$ 319.9 million)”, the Latin American nation bank said.
Data on remittances sent to Nicaragua
In this sense, the United States was the country that sent the most remittances to Nicaragua, with an amount of 342.3 million dollars, which represents 83.3% of the total. Costa Rica was the second country with the highest remittance sending, with 28.4 million dollars (6.9 %).
Spain ranked third, with 23.5 million dollars (5.7%). Panama and Canada were the next countries with remittances of 4.4 million dollars (1.1%) and 2.8 million (0.7%), respectively.
Until October, accumulated remittances reached 3,844.4 million dollars, experiencing a growth of 49.1% (1,266.1 million dollars more) compared to the same period of the previous year, when 2,578.3 million were registered.
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This positive scenario was mainly attributed to the 62.2% increase in flows from the United States, which totaled 3,177.4 million dollars, representing an increase of 1,219.0 million compared to the previous year (1,958.4 million until October 2022).
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Likewise, a decrease was seen in remittance flows from Panama (-15.2%) and El Salvador (-9.6%). On the other hand, an increase in these fluctuations was recorded from Costa Rica (266.7 million dollars), increasing by 19.5% (+43.5 million), and from Spain (225.9 million), with a growth of 1.2% (+2.6 million).
