Remittances fall 13.1 percent over 9 month period

Remesas, money sent home by those abroad, fell by 13.1 percent over the last 9 months compared with the previous year's returns for the same 9 month period. The Banco Central reports a reduction of nearly $240 million over the previous year's returns. This contrasts with the results of a BBC study, published in La Tribuna on September 8, which claimed an 18% rise in remittances during the month of July because of the political troubles in Honduras. Both could be true, that overall, remittances are down significantly over last year, but were higher in July. In either case, these remittances are a major input into the economy of Honduras and indicates further contraction. Bad news for businessmen who sell things to Hondurans.