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Flow of remittances reverses in Spain

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(Globalpost/GlobalPost)

Madrid, Mar 31 (EFE).- Remittances sent by emigrants living in Spain to their source countries fell 8.3 percent in 2012 to 1.65 billion euros ($2.1 billion), the Bank of Spain said.

Remittances received in Spain from abroad, however, rose 6.7 percent last year to 1.39 billion euros ($1.78 billion), up from the 1.3 billion euros ($1.67 billion) registered in 2011, the central bank said.

The figures provide additional evidence that the deep recession in Spain has forced many Spaniards to leave the country in search of work and that large numbers of immigrants have returned home.

Many immigrants living in Spain, moreover, are now receiving assistance from their countries of origin, increasing the flow of funds and turning the European country into a large recipient of remittances.

Figures from Moneygram, a large processor of international money transfers, show that the main recipients of remittances from Spain are Romania, Morocco and countries in Latin America, principally Ecuador, Colombia and Bolivia.

Remittances to Romania and Morocco fell 5 percent, while remittances to Latin America and Senegal rose more than 10 percent.

http://www.globalpost.com/dispatch/news/agencia-efe/130331/flow-remittances-reverses-spain