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Salvadoran remittances drop 11 percent in 2009
Tuesday, 18 August 2009 12:28
Source: Associated Press
El Salvador's central bank says the money citizens living abroad sent home during the first seven months of this year dropped 11 percent compared to the same period in 2008.
The bank says remittances between January and July reached $2 billion in the Central American country compared to $2.2 billion during the same period last year.
In a report issued Monday, the bank blamed the decrease on rising unemployment in the United States, especially among Latin American immigrants.
Remittances represent the largest source of legal foreign income. About 2.5 million Salvadorans live in the United States.