Colombia’s Ministry of Economic Development reports that since 2008 there has been a steady decrease in remittances that Colombian’s abroad are sending to their families at home.
In the past two years, the value of remittances entering Colombia has decreased by about 20 percent, falling from a monthly average of $55 million to $44 million in 2010, El Tiempo reports.
In spite of the steady decline, in the third quarter of 2010 remittances sent to Colombia have increased by 8.5 percent over the previous quarter.
The decrease in remittances may be due to high unemployment rates in Spain (20 percent) and the United States (9.8 percent). The two countries combined provide 70 percent of remittances to Colombian families.
In the departments of Risaldo and Quindio each person receives an average of $4.60 per month from nationals abroad. In the capital region Colombians received about $4.45 per month. The World Bank estimates that Colombia will receive $3.9 billion in remittances from international organizations and other countries in 2010.