Remittances To Cuba A Record $3.3+ Billion in 2015

Remittances To Cuba A Record $3.3+ Billion in 2015 / EFE, 14ymedio

EFE (via 14ymedio), 23 June 2016 – The sending of remittances – money
primarily from family and friends to Cubans on the island – has
experienced the "most dynamic growth" in Latin America, with a record
3.354 billion dollars sent in 2015, according to the Havana Consulting
Group.

Between 2008 and 2015, remittances to Cuba grew by 1.907 billion
dollars, an annual average increase of 238 million dollars, "an event
without precedent in the Cuban market where remittances to the island
officially began in 1993," according to Emilio Morales, the president of
the group based in Miami.

Morales attributed much of the growth to the easing of "restrictions and
limitations" on the sending of remittances, especially that stemming
from the "rapprochement" between Cuba and the United States, under the
leadership of US President Barack Obama.

Another factor in the change has been the "huge increase" in travel
between the US and Cuba; in 2015 a total of 538,433 Cubans and
Cuban-Americans made round trips between the United States and Island,
or vice versa, an increase of 328% over 2007.

Source: Remittances To Cuba A Record $3.3+ Billion in 2015 / EFE,
14ymedio – Translating Cuba -
http://translatingcuba.com/remittances-to-cuba-a-record-3-3-billion-in-2015-efe-14ymedio/