Nicaragua received a record $4.24 billion in remittances from its citizens abroad between January and November, primarily from the United States, a 46.8% increase over the same period in 2022, the Central Bank reported this Wednesday.
This increase amounted to an additional $1.352 billion compared to the amount recorded in November 2022, which was $2.8878 billion.
A wave of protests in 2018 paralyzed the country for several months amid clashes between opponents and supporters, resulting in over 300 deaths according to the UN, and triggering the exodus of thousands of migrants to the United States, Costa Rica, Spain, and other countries.
The remittance figure for November alone was $395.4 million, 27.8% higher than the $309.5 million recorded in the same month of 2022, the state entity said in a statement.
82.7% ($327.1 million) of November’s remittances came from the United States, 7.1% from Costa Rica ($27.9 million), 6% from Spain ($23.6 million), and the rest from other countries.
In 2022, Nicaragua received $3.225 billion in remittances, a record figure at the time, 50.2% higher than the aid sent by Nicaraguans to their relatives in 2021.
The International Monetary Fund (IMF) stated in a report on November 22 that the “rapid increase of Nicaraguan emigrants” has driven a rise in remittances, which “will reach around 28% of GDP by the end of 2023, double their level” in 2021.
