The income of family remittances continues to rise and in October they broke a new record
Guatemalan migrants who reside mainly in the United States continue to send resources to their relatives, despite the fact that that country is mired in an inflationary process.
The exchange balance report from January to October indicates that Guatemala has received US$14 thousand 943.7 million (about Q115 thousand million) which is equivalent to a growth rate of 20.3% compared to the same period last year, when US$12 thousand 426.9 million. In other words, US$2,516 million more have been received.
Only in October, the income was US$1 thousand 622.4 million, and it is the third month during the year that the indicator exceeds these amounts, since in June it was US$1 thousand 666.2 million and in August, US$1 thousand 642.7 million .
With the amount accumulated as of October, 97% of the total received in 2021 is covered, which was US$15,295.7 million and only US$352 million are missing to equal that amount, which will increase greatly during the year-end season.
Álvaro González Ricci, president of the Bank of Guatemala, (Banguat), declared in the conversation “Economy on Alert: should we prepare for a recession in 2023?”who organized Free Press, that family remittances is one of the indicators that maintains a good performance this year, and that it would be closing at a historical figure.
He added that, in the United States, the level of employment remains positive despite inflation and the movements that have been made to control it, since there is a demand for employees, which is taken advantage of by the Latino or Hispanic labor market.
According to the forecasts of the monetary authorities regarding the end of 2022, the income of these currencies will be equivalent to 19% of the Gross Domestic Product (GDP) or about US$18 billion (Q138 thousand 600 million), money that is mostly destined for consumption in homes.
Guatemala, Huehuetenango, San Marcos, Quetzaltenango, Petén, Alta Verapaz and Quiché are the departments that concentrate almost 54% of the resources received in the country.
