Remittances to Honduras Up 1.5%

The amount of money sent to Honduras by Honduran nationals living abroad rose by 1.5 percent during the first half of the year. According to the Central Bank of Honduras, remittances for January-June totalled US$1.245 billion, compared to US$1.226 billion for the same period in 2009. The increase represents good news for Honduras, as remittances are the primary generator of revenue for the country, easily surpassing the maquila, tourism, and agriculture sectors. In 2009, remittances to Honduras accounted for US$2.408 billion in income. The Central Bank has been tracking these money transfers for many years. In 2001, remittances were estimated at US$460 million; in 2002, US$770 million; in 2003, US$862 million; in 2004, US$1.134 billion; in 2005, US$1.763 billion; in 2006; US$2.359 billion; in 2007, US$2.512 billion; and in 2008, US$2.707 billion.

IAMTN: Some useful data here for what is a reasonably sized remittance market.