Migrant remittances in Ecuador 2023
Remittances from migrants would surpass $5 billion in 2023 in Ecuador
According to the Central Bank of Ecuador (BCE), the remittance flow into the country exceeded $4.7 billion in 2022, reported El Universo.
A new record is expected to be set with the arrival of migrant remittances in Ecuador in 2023. The country is projected to receive a total of $5.315 billion, representing 4.4% of the Gross Domestic Product (GDP), according to a study by the Inter-American Development Bank (IDB) from November of this year.
The Central Bank of Ecuador (BCE) reports that in 2022, the remittance flow into the country set a new historical record, reaching $4,743.54 million.
This figure is 8.73% higher than the value recorded in 2021, which was $4,362.63 million.
The BCE attributes the increase in remittance flow in 2022 compared to 2021 mainly to the economic recovery in the United States.
According to the IDB analysis, the United States represents the primary source of remittances for many South American countries, accounting for 67.8% for Ecuador.
The remittance flows received in Latin America and the Caribbean, as indicated by the international organization, originate from the work and income of millions of migrants in the countries where they reside.
These resources are primarily used to supplement the daily consumption of the receiving families.
This increase in remittances occurs amidst an announcement by the Joe Biden administration of a new process for family reunification for Ecuadorians.
This is in response to the massive presence of migrants seeking to reach the United States by crossing the Darien Gap in Panama, which has become one of the most dangerous border crossings in the world.
Family members will be allowed to reunite on U.S. soil while waiting for their migrant visas to become available.
The Department of Homeland Security (DHS) announced the implementation of a new humanitarian family reunification permit process for Ecuadorian nationals and their immediate relatives.
Petitioners must receive an invitation to participate in this process.
It is only available by invitation to certain Ecuadorian nationals and allows an eligible beneficiary to be considered for temporary residency in the United States on a case-by-case basis while waiting for their family-based immigrant visa to become available.
Soledad Quartucci | CEO/Founder, Latina Republic
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