Nearly 20% of Remittances Entering Nicaragua come from Costa Rica

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    Costa Rica Nicaragua Border

    During January, remittances to Nicaragua totaled 83.4 million dollars, according to the Central Bank of Nicaragua (BCN). Remittances who entered the country through formal channels, came mainly from the United States (60.1%), Costa Rica (19.8%), Spain (6.3%), Panama (2%), Canada (1%), Mexico (0.9%) and El Salvador (0.8%).

    According to BCN, compared with January last year remittances rose 6.78%. Also during 2012 Nicaragua received 1.014 billion dollars in remittances, $ 102.6 million more than in 2011, an increase of 11.25%. According to the bank, 2012 was a record year for the flow of remittances.

    In relative terms, remittances maintain a significant relationship with respect to exports and foreign direct investment (FDI). During 2012 accounted for 29.8% of exports of goods.
    Melon crops, sugar cane and coffee are the main economic activities in which foreigners working temporarily in Nicaragua.

    Moreover, in relation to remittances entering Costa Rica, the company Western Union allows recipients of transactions including Western Union Money Transfer all or part of those funds in a prepaid card from MasterCard.

    For now, this service is only available to Guatemala, El Salvador and Costa Rica. According to World Bank data, the Guatemalans were 4,500 million dollars in remittances last year, and only 22% have a bank account. Costa Ricans, meanwhile, received more than $ 585 million in remittances last year, and half of the population has a bank account.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

    Resonance Costa Rica
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