Economy/AP
Salvadoran remittances down 10 percent as migrants send back less money amid recession
Associated Press
10/13/09 12:20 PM EDT
SAN SALVADOR, EL SALVADOR — El Salvador's central bank says Salvadorans living in the United States sent home 10 percent less money during the first nine months of 2009 than in the same period last year.
The bank says remittances totaled $2.5 billion through September compared to $2.8 billion during the same period last year.
Tuesday's statement from the bank says that remittances are falling at a slower rate in the third quarter than in the second quarter, when they dropped by 13 percent compared to the same period in 2008.
An estimated 2.5 million Salvadorans live in the United States, and remittances are a main source of income for the poor country.
