CUBA: The Fastest Growing Remittances Market in Latin America

Emilio Morales

For close to half a century, the Cuban remittances market was buffeted by U.S. embargo legislation and restrictions from Cuban socialism. No other remittances market in Latin America suffered so many limitations. Today, the situation is quite different: sending remittances to the island is one of the sectors that has been most favorably affected by the rapprochement policies pursued by President Obama's Administration since his arrival at the White House in 2008.  In 2015, remittances sent to the island reached a record level of 3,354.1 million dollars[1].

From 2008 to 2015, Cuban remittances grew by an astronomical 1,907.1 million dollars, for an average annual increase of 238.3 million dollars, an unprecedented growth performance since the receipt of remittances became legal in 1993.