Remittances to Latin America and the Carribean in 2013: Still Below Pre-Crisis Levels
This report provides Multilateral Investment Fund’s yearly analysis of remittances flows to Latin America and the Caribbean (LAC). It suggests that prior to the international financial crisis, remittance flows into LAC countries had reached average annual growth rates of 17% but post the crisis, remittance levels fell more than 10% in 2009. Since then, there are widely varying trends in remittances in different countries and sub regions of LAC. The report also notes that as the sector evolved, an increasingly wide variety of services have become available to remittance senders. Key highlights from the report for 2013 include:
- LAC received a total of USD 61.3 billion as remittances sent by migrants to their countries of origin;
- United States is the source of about three-quarters of remittances to the region, followed by Spain;
- Remittances to Central America and the Caribbean increased compared to 2012 while remittance flows to South America and Mexico declined, resulting in flat growth for the region as a whole;
- Mexico remains the largest recipient of remittances in the region followed by Guatemala and then Colombia;
- In many countries cash withdrawals are still the prevailing option for receiving remittances.