Remittances to Latin America and the Caribbean in 2016Feb 9 2017
In 2016, the flow of remittances to Latin America and the Caribbean surpassed US $70 billion. In the 20 countries for which there is data available, the flow reached US$69 billion. This increase demonstrates continued growth since the post-recession period.
In this report, we find a range of factors shaping this growth, some associated with increased transfers from more migrants sending money. For example, in the case of Mexico, more migrants as a percentage of the total Mexican migrant population are sending money. In the case of Central America, remittances increased as a result of continued migration. We also find that transfers via new payment technologies have influenced overall growth, with more money being sent through these channels.