The Central Bank of Nicaragua calculated this Tuesday that tourists and consumers in general will spend at least 1,834.5 million dollars (about 1,685 million euros) during the months of November and December, over all, due to the Purísima, Christmas and New Year’s Eve holidays, 15% more than in the same period last year.
“Sales in commercial activity in November and December are expected to amount to 67,102.7 million córdobas (1,685 million euros),” the State issuing bank indicated in a report.
Last year, sales in commercial activity in November and December were calculated at 58,349.9 million córdobas.
The calculation for the last two months of 2023 is based on the money that will be in the hands of Nicaraguans, as a bonus or thirteenth month, on credits for consumption and commerce activities that will be granted by the banking and financial system, and family remittances, mainly, explained the issuer.
According to the monetary entity, Nicaraguans will receive 14,838.6 million córdobas in payment for the thirteenth month or bonus, 9.6% more than last year.
The bonus must be paid between December 1 and 10, according to Nicaraguan legislation.
Meanwhile, in net credit deliveries, Nicaraguans will receive 4,604.1 million córdobas, 11.1% more, according to official calculations.
The main indicator that will contribute to the financing of the festivities and the consequent increase in liquidity demand in November and December will be family remittances, which are estimated at 896.6 million dollars, 250 million dollars more than in the same period of the year. last year (646.6 million), according to the information.
The Nicaraguan economy received a new record of 3,433.5 million dollars in family remittances, between January and September, 52% more than in the same period in 2022, of which 2,835.1 million dollars came from the United States, according to official data.
The figure of 3,433.5 million dollars in remittances received in the first nine months of 2023 represents 21.9% of Nicaragua’s gross domestic product (GDP).
Nicaragua expects its GDP to grow between 3% and 4% in 2023, the third consecutive year on the rise after 3 years of closing with a red balance, with inflation between 6% and 7%, according to the Central Bank .
Source : Investing
