$ 866.1 million in transfers from the United States to support the economy

Remittances totaled $ 1,381.6 million in August this year, of which $ 866.1 million came from the United States, reflecting the support that remittances from that economy mean to the Nicaraguan economy, according to the reports. data from the central bank of Nicaragua. (BCN).

The $ 1,381.6 million reached in August of this year was $ 569 million, which is higher than the same period last year, according to the highest banking source. This represents a growth of 16.5% higher than that recorded during the same period in 2020 (1,186.0 million dollars).

Most of the remittance-source economies are growing in Nicaragua, but only the United States reported a 22 percent increase.

Last year through August, from the United States, where the largest immigrant community originated in Nicaragua, an income of $ 709.5 million, an additional $ 156 million this year came from this country, favoring domestic consumption and strong economic growth, estimated by the Central Bank of Nicaragua has grown this year by seven percent, based on activity that declined in 2020.

It was not until August that the United States entered $ 174.8 million, up from the same month last year, but in March of this year, the maximum was reached until now in 2021, with $ 190.7 million.

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Nicaraguans have benefited from the recovery of the US economy, after 2020 hit hard by the impact of the pandemic. However, the delta-like spread of COVID-19 has created a kind of pessimism among economists in this country, who have already lowered their expansionary forecasts for this year.

In an update to its forecast, the National Association of Business Professionals lowered its growth forecast to 5.6% from 6.7% last May. But that raised expectations for next year, which fell from an initial level of 2.8% to 3.5%.

Spain is another economy that has seen significant growth in remittances to Nicaragua, which reached $ 203.6 million in August of this year, up from $ 169.8 million last year in the same period. . This means additional growth of $ 33.8 million (a 19.90 percent increase).

Costa Rica comes in third, with $ 175.5 million in revenue, just under $ 179.1 million. Costa Rica’s economy has been hit hard by the epidemic, which has resulted in increased unemployment.

The Nicaraguan immigrant community who settled in Panama through August sent $ 47.1 million, up from $ 46.6 million received in the same period last year.

Other countries affected by remittances include: Canada $ 19.7 million, Mexico $ 4 million, El Salvador $ 8.3 million and the rest of the world $ 57.3 million, according to the official figures.

Also read: Are you planning to take out a loan? These are the interest rates of Nicaraguan banks

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