Remittances to Cuba will double this year
- Submitted by: Camila
- 02 / 27 / 2015
With diplomatic and economic liberalization initiated by President Barack Obama to Cuba the amount of remittances from the US could double from this year, expects a report by the analysis group Inter-American Dialogue on remittances in the continent.
The study finds that, with the easing of restrictions on financial exchanges with Cuba, the average amount by sender of remittances will increase from $ 1,250 per year to 2,400.
This would allow the total money come to Cuba from the United States share remittance pass $ 770 million per year to 1.400 million, according to estimates.
Currently, about 55% of Cubans in the United States send money to conventional methods to Cuba, a figure that could rise to 65%, according to estimates by the Center on the American continent.
This trend coupled with an increase in average amounts from the United States could give the volume of remittances to Cuba a potential of 1.747 million dollars annually.
Manuel Orozco, one of the investigators, based on official data and surveys, said that after a poll conducted for the report among Cuban immigrants in the United States, have been able to conclude that Cubans think remit more with the opening and invest at home.
"Many small businesses are financed by remittances from relatives in the United States," said Orozco.
In mid-January, the Treasury Department announced regulations for relaxation measurements of the embargo on Cuba announced by Obama in December, including increasing the limits of remittance of $ 500 per quarter to 2,000, while the activities are provided new financial operators.