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Nicaragua reaches a new record in the income of family remittances

The Nicaraguan economy received a new record of 2,578.3 million dollars in family remittances between January and October of this year, 47.6% more than in the same period of 2021, the Central Bank of Nicaragua reported this Thursday.

In the accumulated to October 2022, Nicaraguans received 831.7 million dollars more than what was received in the first ten months of 2021, when they totaled 1,746.6 million dollars in remittances, the State issuing bank specified in a monthly report.

The 2,578.3 million dollars received as family remittances as of last October represent 18.4% of Nicaragua’s gross domestic product (GDP).

This amount is also higher than the 2,146.9 million dollars that the Nicaraguan economy received in remittances in all of 2021, according to official figures.

CONFIDENTIAL advanced in a report that, in 2022, Nicaragua will receive some 2.97 billion dollars in remittancesan amount that would exceed the General Budget of the Republic of 2021, which was 2918.4 million.

In a country of 1.6 million families, 850,000 of them will be receiving remittances by the end of 2022, that is, half of the existing family nuclei in Nicaragua, according to the researcher and specialist in migration issues and remittances from the Inter-American Dialogue, Manuel Orozco. These households, moreover, are increasingly dependent on that income, since it consists (on average) of 70% of the total income received by the family, he added.

The sociopolitical and economic crisis that has lasted for more than four years in Nicaragua has forced more than half a million Nicaraguans to leave for the United States, Costa Rica, Spain or other destinations.

The lack of employment, the salary that is not enough, the high cost of living, hopelessness and uncertainty push them to leave their country, although the dictator Daniel Ortega –self-isolated from the international democratic community– blame US sanctions imposed against its officials and political operators for violations of human rights and corruption.

The main countries of origin of the remittances received between January and October of this year continued to be the United States with 75.7%, followed by Spain and Costa Rica, both with 8.7% of the total, detailed the Central Bank.

Shipments from the United States grow 77.1%

“In the January-October period, the increase in remittances continues to be supported mainly by the dynamism of flows from the United States, registering a year-on-year growth of 77.1%,” stressed the Nicaraguan State issuing bank.

Also due to the increase in remittances from Mexico (10%), El Salvador (9.5%), Canada (8.7%), and Costa Rica (2.4%), he indicated.

“The above has been mitigated by the lower income of remittances from Spain and Panama, which maintain a year-on-year decrease of 11.6% and 8.8%, respectively,” he explained.

Remittances from the United States totaled a record of 1,958.4 million dollars in the first ten months of this year, 852.4 million dollars more than what was received in the same period of 2021, when they totaled 1,106 million dollars, that is, 59.1%. more, highlighted the source.

Between October 1, 2020 and September 30 of this year, the United States authorities detained 239,469 undocumented Nicaraguan migrants, an unprecedented number, according to the Office of Customs and Border Protection (CBP, in English).

Those 239,469 Nicaraguan migrants represent 3.9% of the total population of Nicaragua, estimated at 6.6 million inhabitants.

Case of Spain and Costa Rica

Accumulated remittances from Spain, the second destination from which family remittances to Nicaraguans come, totaled 223.3 million dollars, reflecting a decrease of 11.6% (252.6 million in the same period of 2021), according to the information.

Meanwhile, flows from Costa Rica totaled 223.2 million dollars, being 2.4% higher than what was registered in the same period of 2021 (217.9 million dollars).

Nicaragua captured 2,146.9 million dollars in remittances in 2021, 16% more than in 2020 (1,851.4 million dollars), according to official figures.

The total family remittances received by Nicaraguans during 2019 were 1,682.4 million dollars, in 2018 1,501.2 million dollars, in 2017 1,390.8 million dollars, and in 2016 1,264.1 million dollars.

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