Foreign money transfer services improve

A report by the Ecuadorian Central Bank announced that the flow of remittances which entered the country during the second quarter of this year reached $616,9 million, amount, 11.7% higher than the value registered in the first quarter of the same year, which was $552,2 billion.

Despite the increase that occurred between the first and second quarters of 2013, remains a downward trend  for the third consecutive year, compared with the same periods on 2011 and 2012. During the second quarter of 2011, remittances were $698,3 million, while it was $631 million in 2012.

The financial institution reported that United States was the country that sent more remittances to Ecuador, $302,6 million, which represents 49% of the total amount received. From Spain it was sent  $195,8 million, 31.7%, while remittances from Italy are equivalent to $42.3 million, i.e. 6.9%.

Remittances from the rest of the world totaled $76.2 million equivalent to 12.4% of the transfer flow.

According to the Central Bank, the increase of the flow of remittances from abroad in the quarter April-June of 2013 experienced an upswing, thanks to the relative stabilization of the global economic environment, which was evidenced by the process of stabilization of China and a possible exit of the recession in Europe.