New government figures show that Colombians living abroad are sending
less money to their home country — though it’s too early to say if it’s
a trend.
The central bank says it recorded $321 million in remittances for
November. That’s down 31 percent from $468 million for the same month
in 2007.
Monday’s report doesn’t give a reason for the drop, but
it appears to be linked to a slowing global economy. Most Colombians
abroad live in the U.S. or Europe.
Financial analyst Ricardo
Duran of Corredores Asociados notes that monthly figures often rise and
fall. He says it would be worrisome if the annual figure drops.
Colombians sent home $4.4 billion from January through November 2008. For all of 2007, remittances were $4.5 billion. (AP)
The future of Colombia Reports relies on your financial support. Please become a patron and support independent reporting from Colombia.