Banco de la República reported remittances hit US$1.189 billion in May, up 8.5% from the prior year.
Central bank data confirm this marks the twenty-fourth straight month that transfers from Colombians abroad exceed the US$1 billion threshold.
In the first five months of the year remittances totaled US$5.637 billion, while foreign direct investment reached US$3.625 billion. That equals US$1.56 in remittances for every dollar of FDI.
Analyst Diego Montañez Herrera of Universidad EAFIT noted remittances have gained relevance as other sources of foreign exchange show greater volatility. He added that, unlike oil, coal or coffee exports, remittances have maintained a more stable trend.
