Remittances to Colombia drop 10.5%

Remittances sent from Colombians abroad dropped 10.5 percent in the first six months of 2010, according to a report by Colombia’s central bank.

Colombians receive the most money from familiy members living in Spain and United States, and the drop in remittances is attributed to financial crises in both countries. Currently 7.5 percent of Colombian earnings are attributed to remittances, according to the bank.

The total number of remittances received reached $1.87 billion, meaning a decrease of around $220 million as compared to last year.

According to the report, the departments in the Coffee Region are the most dependent on money sent from abroad due to their unemployment rates. The unemployment rate in Pereira is 21.3 perecent, and is 17 percent in both Manizales and Armenia. The national urban unemployment rate is 12.2 percent.

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