HONDURAS: Remittances Decline More than 11%

The single largest revenue generator in Honduras are remittances -- money sent by some 1 million Hondurans living abroad to their families in Honduras. The country's Central Bank has been tracking these money transfers for many years. In 2001, remittances to Honduras 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. It is remittances that have fueled the growth in Honduras's economy during the past four years. Read more