According to the report presented by the Bank of the Republic, Colombian money transfers from abroad increased by 22% in February 2023 compared to the same month of the previous year. In total, remittances in February this year amounted to US$832 million, compared to US$647 million last year.
The regions that received the most money on behalf of Colombian workers abroad were Valle del Cauca with US$669 million, Antioquia with US$418 million and Cundinamarca with US$421 million. The countries from which the largest number of remittances are sent are the United States, Spain and Chile, followed by the United Kingdom and Venezuela.
The Bank of the Republic highlighted that the increase in the remittance market is due to the increase in the migration of Colombians abroad, since it is the most used mechanism to send resources and financially support their families in the countries of origin.
It is important to highlight that, in 2022, $9,428 million arrived in Colombia and the report presented in the fourth quarter of last year indicates that the country received foreign currency on account of remittances for a value of US$2,555 million. This represents a significant increase of 24.85% compared to 2019, before the pandemic, when the amount reached US$7,086 million. While in 2021 the figure reached US$8,597 million.
According to the Issuer’s report, Spain and the United States were the countries from which more money was placed in 2022 destined for Colombia. Other countries from which remittances arrive to compatriots are Chile (5.9%) and the United Kingdom (2.4%).
Remittances are usually a financial relief for households that receive them from a relative who works abroad, and this upward trend in the remittance market is good news for many Colombians who depend on these transfers to improve their quality of life. .