Latest YTD Results show remittances to Nicaragua for 2023 (January to September inclusive) were US $3,433.5 million which is 52% higher than the same period in 2022 (US $2,258.4 million).
In the third quarter of 2023 (July, August and September) a total of US $1,218.5 million was sent home to Nicaragua as remittances by those Nicaraguans living and working abroad. (Source; The Central Bank of Nicaragua – BCN)
By comparison with the same three months of last year, remittances were up 41.3 percent (US $356.3 million) year on year.
Top Three Sources by Country
The Unites States continues to provide the lion’s share of that money. This quarter it was US $1,016.9 million or 83.5 percent of the total. The average transaction from the USA was US $282.40.
Although this was 5.5% lower than the same period last year, the volume of transactions registered in the quarter increased by 58.4%.
The accumulated USA remittances YTD 2023 totaled US $2,835.1 million or 66.4% higher than the same period 2022, which was US $1,704.1 million.
For this third quarter of 2023, Costa Rica was in second place with US $80.9 million or 6.6% of the third quarter total.
Spain was third with US $69.9 million or 5.7% of the third quarter total and these three countries combined to provide 95.8% of the third quarter total.
(Other countries also received a mention, namely; Panama US $13.5 million, Canada US $9.8 million and El Salvador with US $3.0 million.)
How much and where did it go?
Remittances sent to and through commercial banks in Nicaragua averaged US $278.70 dollars, whereas those sent through specialized money transfer agencies averaged US $193.20 dollars.
In Nicaragua, the regional departments receiving the most third quarter remittances (85.7% in total between them) were; Managua 24.9%, Matagalpa 10.6%, Chinandega 9.2%, Nueva Segovia 7.3%, León 7.3 %, Estelí 7.2%, Jinotega 5.7%, RACCS 5.3%, RACCN 5.0% and Boaco 3.2%.
Remittances – Definition
Known as Remesas in Spanish, the Central Bank of Nicaragua (BCN) defines workers’ remittances as those current transfers made by Nicaraguan emigrants who work in other economies where they are considered residents, in accordance with the IMF Balance of Payments Manual (Sixth Edition). By international convention, residents of an economy are people who remain, or intend to remain in it for a period of one year or more, regardless of their immigration status.
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