This year, 2018, during the period April-June 2018 US $371.2 million was sent home to Nicaragua.
The Central Bank of Nicaragua (El Banco Central de Nicaragua – known by its acronym in Spanish as BCN) has announced the remittance report for the period of the second quarter of this year, 2018.
In this context, remittance is money that is earned abroad by Nicaraguan’s living (and working) in the exterior and forms a vital part of the economy of Nicaragua, even more so in these challenging times.
It is estimated that almost 20% of the 6.3 million total population of Nicaragua live abroad and that remittances represent about 11% of the country’s gross domestic product (GDP), source: Central Bank of Nicaragua.
By way of a comparison, the money that came into Nicaragua from Tourism in 2017 was 5% of GDP.
Family remittances to Latin America and the Caribbean grew by 8% in 2017, reaching US$75 billion.
This year, 2018, during the period April-June 2018 US $371.2 million was sent home to Nicaragua. This represents an increase of 9% over of the same period in 2017. The US leads the way with Nicaraguan’s there sending over 56% of that total. Costa Rica was 18% and Spain 10%. Those top three countries accounted for 84% of all remittances.
Note: In Britain, the term “Remittance Man” was used to describe somebody living abroad on money sent from home. In other words, the opposite of how the word is used today in Nicaragua. In the days of the British Empire, the disreputable members of the family were often sent abroad and kept there so as not to be an embarrassment to the family. Many were the sons of the British aristocracy, however were second, third and fourth sons not likely to inherit any title. They often shunned hard work in favor of the good life, a decision that frequently brought shame to their family.