According to the Central Bank of Ecuador (BCE), the flow of remittances that arrived in the country in the first half of the year reached USD 2,008.68 million, a record.
The increase in the flow of remittances in the semester January-June 2021 became a historical record, the economic recovery in the United States, Spain and Italy, among other factors, has allowed a growth in the flow of remittances that arrived in the country in the first half of the year, with a record of USD 2,008.68 million, according to the Central Bank of Ecuador (BCE).
Remittance flow is driven by economic growth
The amount of remittances during the first half of the year was 43.62% more than that observed in the same period of 2020, when it reached USD 1,398.62 million, the ECB specified in a report. This increase in the flow of remittances is mainly attributed to the stimuli and aid to families granted by the United States government, in the context of the measures applied in that country to face the effects of the pandemic. The flow of remittances from the United States in the first half of the year amounted to USD 1,242.68 million, which represents 61.87% of the total value received for this concept.
The flow of remittances to Ecuador has also been boosted by the economic growth registered in other destinations of Ecuadorian migrant workers such as Spain and Italy.
The flow of remittances from Spain in the first half of 2021 amounted to USD 446.91 million, a figure slightly lower than the 448.92 million in the second half of 2020, although higher than the 321.32 million in the first quarter of the year last.
The amount of remittances from Spain that arrived in Ecuador in the first semester of the year represented 22.25% of the total flow received in the period. Meanwhile, the flow from Italy in the first half of 2021 was USD 93.33 million, which represented 4.65% of the total.
During the first half of 2021, the amount of remittances from the rest of the world reached USD 225.76 million, 11.24% of the total.
Likewise, Ecuadorian workers residing in the United Kingdom, Switzerland, France, Germany and Belgium contributed USD 64.01 million to the global flow of remittances, 3.91% of the total.
Immediate receipt of remittances
From Pichincha Envíos, an App of Pichincha Banco Pichincha Spain that allows residents and adults to send money to Ecuador from their offices or online, safely, easily and quickly (www.pichinchaenvios.es); Thus, Ecuadorians in Spain can send remittances to their family in Ecuador. The money is immediately received in the accounts of Banco de Pichincha in Ecuador, the 250 agencies or 7,000 non-bank correspondents “Mi Vecino”.
Ecuadorians residing in the United States and the rest of the world can approach the shipping agency or money remitter of your trust and request the immediate delivery of your money order to Banco Pichincha.
If the beneficiary does not have an account at Banco Pichincha, they can open it in a few minutes at www.pichincha.com
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