A press release from the Central Bank of Nicaragua (BCN) published on Friday the 9th of July, 2021 contains the monthly data on May 2021 Remittances to Nicaragua.
Figures show a 17.5% increase over the same month last year with 187.1 million dollars being sent this May compared to the 159.2 million dollars sent last May.
Again, the United States was the biggest origin of monies sent home with 63.2 percent of the monthly total. They were followed by Spain at 14.6%, Costa Rica at 12.5%, Panama 3.5% and Canada 1.4%. Those five countries combined provided over 95% of the May 2021 remittances to Nicaragua.
Compared to May 2020, funds sent from the United States were up by 22.2 percent, Panama 18.2 percent and those from Spain 10.9 percent.
Although El Salvador wasn’t in the top five list, remittances from that country were up by 57.1 percent. Monies from Canada were up by 28.6 percent and from Mexico 25.0 percent
The Year to Date accumulated total amount (January to May inclusive) was 858.3 million dollars and was a 21.6 percent increase over the first five months of 2020 when the total was US $705.9 million.
Over the five months of 2021, higher flows from the United States (US $123.9 million) and from Spain (US $31.6 million) accounted for that 21.6 percent increase.
Remittances or remesas in Spanish is an amount of money that gets sent back to Nicaragua by those citizens living and working abroad. They are usually classed as non-commercial money transfers made by individuals to family and friends. The demand created by increased migration has led to more on-line companies such as WorldRemit or Zoom competing with the off-line companies like Western Union or MoneyGram. The winner is the customer with value for money rates as well as simple and effective services.
BCN Publishes Statistics On Remittances as of May 2021
The monthly statistics are published 25 days after the month end they refer to. This gives the specialized agencies and commercial banks time to provide the most up to date information.
