According to a recent Washington Post article, remittances sent from Salvadorans working in the United States did not increase by as much as they have been in recent years. Until recently, money sent home to Latin America had been soaring, helped by increased migration and lower money-transfer costs. Now, with an increase in inflation in Latin America, the dollar does not stretch as far. What's more, with the looming economic problems in the US, workers have less money to send back to their families. This is significant, especially for El Salvador, because as much as 18% of El Salvador's GDP depends on remittances from abroad.
Currently, there are groups working to formalize remittance giving by sending the money through banks so that immigrants may have the opportunity to develop economically, allowing them to build assets on their earnings.
- Anna Sanger, Grassroots Education and Advocacy Intern
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