In May of this year, remittances sent to Colombia set a new historical record, reaching US$960.09 million according to the Bank of the Republic.
This figure establishes a significant increase compared to previous months and highlights the importance of these transfers in the Colombian economy..
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The issuer’s report indicates that remittances include current transfers made by emigrants to their country of origin, whether in money or in kind, and are recorded in the country’s balance of payments.
This increase in remittances represents a growth of 3.3% compared to the US$929.39 million registered in April. Furthermore, when compared to the US$877.18 million reported in May 2022, the increase is 9.4%.
This positive trend reflects the ability of Colombians abroad to send larger amounts of money to their families and friends in Colombia, despite the diverse global economic circumstances.
It should be mentioned that the performance of remittances throughout 2023 continued to grow and this year it has been constant. During the first five months of the year, remittances have shown monthly increases that demonstrate the solidity of international transfers to Colombia.
The Bank of the Republic stressed that these remittances are an integral part of current transfers in the balance of payments, a crucial indicator for the country’s economy.
The report also points out that these current transfers made by emigrants are fundamental for many Colombian households, since They not only cover basic needs, but also contribute to investment in education, health and local entrepreneurshipThe ability of Colombian migrants to increase their remittances suggests a strengthening of their employment conditions and of the economy of the countries where they reside.
The constant growth of remittances shows a trend that could continue in the coming months, driven by economic stability in some of the countries of residence of emigrants and the resilience of transnational family networks. This phenomenon not only has economic implications, but also social ones, since these transfers play a key role in improving the living conditions of many families in Colombia.
Remittances comprise current transfers made by emigrants to their country of origin, and are part of the current transfers recorded in Colombia’s balance of payments. This analysis underscores the importance of remittances in the national economy and the need to continue monitoring their evolution to better understand their impact on the well-being of Colombians.
In conclusion, the Banco de la República report on remittances in May 2024 not only marks a historic milestone, but also provides a revealing analysis on the relevance and impact of these transfers on the Colombian economy. The ability of Colombian emigrants to send larger sums to their country of origin is a positive indicator in the midst of a global economic context with multiple challenges.
Remittances sent to Colombia have shown significant growth in 2024. According to the Bank of the Republic, the country received US$4.61 billion in the first five months of the year. This figure represents an increase of 12.74% compared to the same period of the previous year.
In the monthly breakdown, remittance income was as follows: January registered US$912.79 million, February US$913.93 million, March US$894.05 million, April US$929.32 million and May US$960.09 million.
It is notable that, throughout the year, monthly remittances have remained above US$900 million, with the exception of March, which showed a slight decrease. This behavior underlines a stable and upward trend in the flow of money sent by Colombians residing abroad.
According to Banco de la República, this increase in remittances reflects the resilience and capacity of Colombian migrants to support their families in the country amid various economic challenges. Remittances are a crucial source of income for many Colombian families, supporting consumption and investment in areas such as housing and education.
