According to a report from the Central Bank of Bolivia, the drop represents 8.87% compared to the same period in 2023. Shipments are falling mainly from Spain, the United States and Chile.
Amid the crisis caused by the shortage of dollars in Bolivia, the flow of family remittances arriving in the highland country continues to decline and in June of this year it fell by $us 62.6 million, 8.87% less than in the same period in 2023, according to a report by the Central Bank of Bolivia (BCB).
According to the document published by the issuing entity, a total of US$ 705.93 million was received between January and June 2023; while in the first six months of this year the figure dropped to US$ 643.33 million, that is, US$ 62.6 million less.
The information details that, as of June 2024, the largest amount of remittances came from Spain, with US$ 224.95 million; however, the figure is lower than that collected in 2023 when it reached US$ 257.91 million.
The second country from which the most remittances came was the United States, with US$129.38 million, compared to US$144.56 million that arrived last year.
Chile is the third country from which compatriots send the most money; as of June, they sent US$ 114.78 million. Until May of this year, Chile was the second country from which the most remittances from compatriots came, and in June of last year they sent US$ 168.3 million to the country.
Also notable are the revenues from Brazil with US$ 36.37 million and Argentina with US$ 32.79 million, higher than the US$ 30.83 million in 2023. In most figures, there was a decrease compared to the same period last year. An increase in shipments from Argentina, France, Italy and Switzerland is reported.
Already in the first quarter of the year, a decrease in remittances from abroad was reported, with a decline of 11% compared to the same period in 2023.
Remittances, which come mainly from Bolivian migrants residing in Spain, Chile, the United States, Brazil and Argentina, represent —along with exports, tourism, foreign investment and external loans— a source of foreign currency for the country.
In May, BCB President Edwin Rojas said that the drop in remittances was due to exogenous factors that affected economic activities, mainly in Chile and the United States.
Remittances in the region
According to a publication by the website specializing in economic reports Bloomberg, remittance flows to Latin America slowed to 7.7% in 2023, accumulating $156 billion, according to a World Bank report published in June 2024.
And despite the region's high performance, global remittance shipments only grew by 0.7%.
