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ECUADOR - Remittances Fall

* ECUADOR

Remittances Fall
Banco Central reported that remittances from Ecuadoran migrants sent back to the country shrank 11.6% in 2009

According to a report by Banco Central, remittances Ecuadorans send their families in the country totalled $2,495 million in 2009, compared with $2,822 million in 2008, representing an 11.6% decrease. The central bank specified that "it's the first time that remittances shrank in relation to a previous year since we've begun analyzing their flow in 2000. Up till 2009, the average annual growth was 17%, although it began slowing in 2006, dropping considerably beginning in 2008 when the world economic crisis affected the employment levels and the incomes of migrants in countries such as the U.S., Spain and Japan."
Mar-09-2010 07:03pm