The Portuguese News Agency Lusa has reported that remittances sent by Caboverdean emigrants to the islands increased 3.1% until September, compared to the same period in 2019, this they state is the equivalent of half a million euros daily, according to calculations based on a central bank report.
According to a statistical report by the Bank of Cabo Verde (BCV), with data for the first nine months of 2020, Caboverdean emigrants sent remittances worth almost 14.918 million escudos (134 , EUR 8 million).
This figure compares with the almost 14.467 million escudos (130.7 million euros) of remittances sent to Cabo Verde by emigrants from January to September 2019, according to previous BCV data.
The lowest monthly value in several years was recorded in April this year, the peak of international confinement due to the covid-19 pandemic, with only 1,177 million escudos (10.6 million euros) in remittances sent by emigrants to Cabo Verde .
In September, this figure amounted to 1,221 million escudos (11 million euros) – a drop of 25% compared to the same month of 2019 -, after the peak of more than 2,016 million escudos (18.2 million euros) in July.
Cabo Verde has almost 600,000 inhabitants in the archipelago and more than one million in Europe and the United States of America, the financial system being dependent on remittances from these emigrants.
As in previous periods, Portugal is among the countries of origin with the highest volume of remittances, with emigrants living in the European country sending more than 3,497.5 million escudos (31.6 million euros) to Cabo Verde until September.
It is estimated that more than 100,000 Cape Verdeans currently reside in Portugal, the second largest community in the diaspora, right after the 250,000 emigrants from Cape Verde in the United States.
Caboverdean emigrants sent a new record for remittances to the country in 2019, above 180 million euros, almost 30% from Portugal, according to previous BCV data.
Caboverdeans in Portugal sent 5,679 million escudos (51.5 million euros) in remittances in 2019, an increase of 6.7% over the previous year.
In 2019, globally, remittances from Cape Verdean emigrants grew 8.1%, to a new maximum of 19,900 million escudos (180.2 million euros).
Throughout 2018, Cape Verdean remittances exceeded 19,195 million escudos (173.3 million escudos), an increase of 6% compared to 2017, with Portugal leading, with 5,675 million escudos (51.2 escudos) millions of euros).