Remittances to Guatemala reach new high of $146 million, in February

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By LatAm Reports Editor

Family remittances from Guatemalans living abroad do not only contribute to the economic well-being of receiving families. They also play an important role in Guatemala’s economic development.

At the end of February, the country received US$1.527 million from citizens living abroad. This figure is US$146 million higher than that recorded in February 2023, when the amount was US$1,381.1 million, according to data from the Bank of Guatemala (Banguat).

CIFRA ACUMULADA

Álvaro González Ricci, president of Banguat, explained that from January 1 to February 29, the country received a cumulative US$2.996 million (equivalene to Q23 thousand 368 million).

For Johny Gramajo, economic manager of the central bank, the remittance behavior is consistent with the 2024 closing projection estimate.

During the first two months of the year, remittances increased by 8.3% compared to the same two months of the previous year. Photo: Frederick Warren at Unsplash/The Hour

REMESAS 2023

Of the twelve months of 2023, June was the one that recorded the most remittances with a total of US$1 861.3 million, followed by May with US$1,811.9 million and August with an amount of US$1,773.4 million.

The lowest figures recorded last year correspond to February with US$1,381.1 million, February with US$1,386.5 million and November with US$1.614.6 million.

This article has been translated from the original which first appeared in La Hora