Remittances to El Salvador Down in 2009
The Central Reserve Bank reported that remittances from January to June fell by 10.3 percent, or $200 million, in comparison to the first half of 2008. The drop in remittances to a total of $1.74 billion is attributed to the economic crisis and to unemployment in the
President Mauricio Funes, who took office on June 1, vowed during his campaign that El Salvador would become "the most dynamic economy in Central America." This recession jeopardizes that goal and is a stumbling block for his planned social programs.
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