Remittances in Nicaragua corresponding to the month of January decreased slightly in relation to the previous month and at the rate they had in recent months.
In accordance with data monthly published by the Central Bank, in January remittances received from abroad totaled 317 million dollars, being lower than those registered in the previous month (337.1 million in December 2022).
However, the amount received in remittances during January continues to be higher than that registered in January 2022 (194.7 million), by 62.8%.
According to data from the Nicaraguan Central Bank, of the total remittances, 80.1% came from the United States; 8.1 percent from Costa Rica and 7% from Spain.
The drop in remittances in January coincides with the restrictions imposed by the US government on the southern border, which initially affected Venezuelans, and later spread to Nicaraguans, Cubans and Haitians.
However, Manuel Orozco, a specialist at the Inter-American Dialogue, a think thank, based in Washington, stated in an interview passed to the voice of america that the growth of remittances is a direct reflection of the size of migration in the same period, 2022, when more than 350,000 Nicaraguans left, predominantly to the United States.
According to the specialist, “this dynamic will not occur in 2023 due to various factors.”
The main one is that the country has close to 20% of its population that has left the country, and basically 40% of the population is now the labor force, and the rest are dependents, on the other hand, he stressed that this year the economy will be in a situation of “mediocre economic performance” where public spending will be financed with reserves.