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El Salvador reports a drop in remittances in the first months of 2020

According to the Central Reserve Bank (BCR), El Salvador reports a drop in remittances in the first months of this year. Between January and May, the

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According to the Central Reserve Bank (BCR), El Salvador reports a drop in remittances in the first months of this year. Between January and May, the country stopped receiving $264.5 million in this area, the bank said. This is caused by the Coronavirus crisis, which has paralyzed the world’s economies.

The BCR added that during the first four months of 2020, the country received $2,015.1 million in remittances. Compared to the same period last year, this is the equivalent of -11.6%, it added. Last month, for example, the country recorded $414.3 million in family remittances, meaning $91.2 million less compared to May 2019 (an 18% decrease).

Remittances from the United States registered a fall of 10.9%: $1,928.1 million were reported as received, meaning a $235.9 million drop. In the U.S. unemployment rate reached 13.3% last May, an increase of 9.7% compared to May 2019. In the Latino community, unemployment rose from 4.2% in May last year to 17.6% last month.

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