Remittances (Remesas) received by Nicaragua continue at record setting levels. The Central Bank of Nicaragua (BCN by acronym in Spanish) reports that during the first quarter of 2022, Nicaraguans living and/or working in the exterior sent over US $632 million back to families in Nicaragua.
The US $632.6 million sent home represents an increase of US $132.2 million or 26.4% when compared to what was sent home during the first quarter of 2021 (US $500.5 million) which went on to become a record setting year for remittances received by Nicaragua.
TRIVIA: Nicaragua received a total of US $2.15 billion in remittances in 2021 (16% more than they did in 2020) or 17% of the country’s Gross Domestic Product (GDP) – Source; BCN.
More 2022 Remittance Stats from the BCN
The “Top 5” countries ranked by the amounts sent back to Nicaragua are; United States (70% of the total), Spain (11 .1%), Costa Rica (10.9%), Panama (2.5%), and Canada (1.2%).
That 70 % sent from the USA represents US $442.8 million and was US $136.3 million (44.5%) more than the same period last year.
Spain continues to vie with Costa Rica for second place (which until recent years was traditionally easily taken by Costa Rica.
For the First Quarter of 2022, Nicaraguans living and working in Spain sent a total of US $70.2 million back home, a drop of US $2.2 million (9.1%) when compared to the Q1 2021 figures.
So far this year, more remittances were sent from Costa Rica; US $69.1 million, up 3.4% from the US $66.8 million sent during the Q1 of 2021.
The Bank of Nicaragua tracks all money sent to Nicaragua and can even give figures on which of the 15 Departmentos (Department – equivalent to a province or state) or the 2 autonomous regions (RAAN and RAAS on the Caribbean side) the money lands up in.
So far in 2022, almost 72 percent of the total was sent to only 6 departments. Not surprisingly, Managua was the number one recipient with 28.5 percent, Chinandega were second with 10.9 percent, Matagalpa 9.8 percent, Estelí 8.7 percent, Nueva Segovia 7.2% and León 6.0%).
Click here for the full report on First Quarter Remittances from the Bank of Nicaragua.
Total Remittances Last 5 Years;
2021 – US $2.15 billion
2020 – US $1.85 billion
2019 – 1.68 billion
2018 – 1.5 billion
2017 – 1.39 billion
2016 – 1.26 billion
