Recent data on remittances to Latin America, including remittances from New England.Emigrant remittances

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Research Papers in Economics

8  Community Developments
Data Corner: Remittances
According  to  a  survey  conducted  by  the 
Multilateral Investment Fund (MIF) remittances 
to  Central  America  grew  by  approximately  10 
percent from the previous year to about $12.1 
billion in 2007.
MIF Manager Donald F. Terry said that while these 
flows have continued to rise, too many Central 
Americans  who  send  or  receive  international 
money transfers remain excluded from the formal 
financial system. “We have to give these fami-
lies more options to manage their own money 
by banking the unbanked,” said Terry. “This is 
critical for economic development.”
Remittances from the United States  
to Central America
Guatemala  4,055  3,610
El Salvador  3,530  3,316
Honduras  2,675  2,359
Nicaragua  990  950
Costa Rica  590  520
Panama  320  292
Total  12,160  11,047
2006 
Remittances** Country
  *millions of US dollars, estimated
**millions of US dollars
Remittances*
2007
Source:   Multilateral Investment Fund at the Inter-American Development Bank
For more findings from the 2007 MIF survey, visit: 
http://www.iadb.org
Bank
Money transfer company
Carried by friend or family member
Mail
Credit or debit card
Microfinance organization
Remittances to Central America:
How Recipients Collect the Funds
0
10
20
30
40
50
60
56%
2%
6%
31%
1% 1%
percent
Source:   Multilateral Investment Fund at the Inter-American Development Bank,  
2007 dataFederal Reserve Bank of Boston  9
Remittances from New England  
to Latin America 
Latin American Adult 
Immigrants in the State
Sending 
State
*millions of US dollars
Amount*
Source:   Multilateral Investment Fund at the Inter-American Development Bank, 
2006 data
Connecticut  301  159,753 
Maine  22  11,530
Massachusetts  579  307,158
New Hampshire  32  16,998
Rhode Island  130  69,279
Vermont  9  4,969
Total  1,073  569,687
According to a survey conducted by Bendixen 
and  Associates  for  the  MIF,  remittances  to 
Latin America from New England amounted to   
approximately $1.1 billion in 2006. This accounts 
for about 2.4 percent of the total $45.3 billion 
sent from the U.S. as a whole.
The  survey  also  shows  that  approximately  74 
percent of the almost 570,000 Latin American 
immigrants  in  New  England  regularly  send   
remittances to their home country.
Total Remittances to Latin America 
by Receiving Country
0
5
10
15
20
25
30
35
40
38%
31%
19%
17%
14%
10%
2%
percent
Dominican Republic
Haiti
Central America
Mexico
Ecuador
Peru
Brazil
Source:   Multilateral Investment Fund at the Inter-American Development Bank,  
2007 data
The  Boston  Fed  will  be  publishing  several   
articles on immigrant issues in the summer issue 
of Communities & Banking magazine. To sign up for 
a free subscription, visit: 
http://www.bos.frb.org/commdev/c&b

Data corner: remittances

http://www.bostonfed.org/commdev/necd/2008/issue1/datacorner.pdf

Data corner: remittances

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