Remittances Slow Down: A US Tax Could Be One of the Causes

TL;DR

Remittances to Colombia grew by 1% in January, reaching US$1.020 million.
This January figure is the lowest recorded in 12 months, signaling a slowdown in remittance inflows.
A new 1% federal tax on remittances from the U.S. went into effect on January 1st.
This tax aims to fund border security and applies to various money transfer methods.
The new tax, combined with existing commissions, increases the cost of sending money and could reduce funds for recipient families.

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