Remittance income in October exceeds that received in all of 2016

Remittance income in October exceeds that received in all of 2016

In October, the migrant caravan that was organized in Honduras passed through Guatemala, with a view to arriving in the United States in search of economic well-being, due to the good moment that employment in the northern country passes. (Free Press Photo: Newspaper Library)
In October, the migrant caravan that was organized in Honduras passed through Guatemala, with a view to arriving in the United States in search of economic well-being, due to the good moment that employment in the northern country passes. (Free Press Photo: Newspaper Library)

The accumulated amount of foreign currency income for family remittances from January 1 to October 31 of this year for US $ 7 thousand 687.4 million -Q58 thousand 962 million- exceeded the total received for all of 2016, which was US $ 7 thousand 159 million .

The indicator has an exponential growth margin that, in addition, is about to reach the total received last year, which was US $ 8,192 million.

With these data and with the information received, according to the Bank of Guatemala (Banguat), it is confirmed that the projected closure for this year will be US $ 9 thousand 25.4 million, which will represent a growth of 10.5% with respect to 2017.

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The months of November and December, due to the seasonal effect, are a period that tends to increase the flow associated with end-of-year holidays and monthly income could be above US $ 800 million, according to projections.

Variation

The report of the central bank reports that there is a cumulated growth of US $ 861.8 million with respect to the same period last year.

This variation means a growth rate of 12.6% and the indicator remains with a double-digit growth trend.

Last year the income -accumulated to October- was US $ 6,825 million.

On average, the monthly income this year is US $ 768.7 million, and last year it was US $ 682 million. While, in 2016, it was US $ 596 million and in 2015 it reached US $ 523 million.

New brand

The figures indicate that in October the income of foreign currency for family remittances registered a new brand for US $ 863.5 million and represents a growth of 18% compared to the same month of last year, when it was US $ 728 million.

That behavior means US $ 135 million more.

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50% of the families that receive remittances use it for consumption.

Causes

The record indicates that October always begins a break up and is showing this year, said Pedro Pablo Solares, consultant of the Puente Norte Migraciones initiative.

He said that the factors that explain the trend this year are the improvement of the economy of the United States, which demands more employment and as an organic effect the growth of the migrant population.

Julia Gonzalez Deras, of the National Migration Board, added that people send all their savings for fear of deportation.

Related content

> 6.2 million Guatemalans receive remittances

> Revenue from foreign currency by remittances grows 12% to September

> Send family remittances exceeded US $ 7 billion

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