Bolivia received US$1.4 billion in remittances in 2021, up 25.4% year-on-year

RIO DE JANEIRO, BRAZIL – The Bolivian economy received US$1.398 billion in remittances in 2021, mainly from Spain, the Central Bank of Bolivia (BCB) reported Tuesday.

The 2021 annual figure exceeds by 25.4% the US$1,115 billion reported in 2020, “contributing to the increase in foreign exchange and the strengthening of net external reserves (NIR),” according to a press release from the issuing body.

According to the same report, the amount specifically received last December was $138.1 million, while the total represents a “historical record.”

Spain ranks first among the countries of origin of remittances to Bolivia in 2021, with a 34.2% share of the total.

Chile is second with 20.9%, followed by the United States (20.6%), Argentina (4.9%), Brazil (4.5%), and the remaining 14.9% comes from other countries, the statement said.

For several years, Spain has been the country of origin from which most family remittances go to Bolivia.

According to estimates by national authorities, economic growth in 2021 was close to 6%, and this year gross domestic product (GDP) is expected to grow by 5.1%.

The Central Bank reported a few days ago that the NIR would reach US$4.752 billion in 2021, US$197 million or 4% less than the 2020 balance of US$4.949 billion.

According to the Central Bank, last year there was a “process of stabilization of reserves,” and their level is “above international benchmarks” for the management of these funds.