Manuel Orozco, member of the Financial Services Advisor board and director of the Migration, Remittances and Development Program at the Inter-American Dialogue: “As of this July, El Salvador’s government will suspend the administration and management of the Chivo wallet, partly because it is a program that has been experiencing losses and was part of an agreement with the IMF to obtain financing. The Chivo wallet was a relatively underutilized platform, processing fewer than 30,000 transactions by May 2025. The drop in use is due to several factors. First, migrants’ fears of deportations led them to send as much principal in U.S. dollars as possible to their relatives as a precaution. The average remittance has increased by more than 15 percent among Salvadorans in 2025, prompting them to consolidate their funds into a single currency. Second, the marketplace for using the wallet was less convenient than existing mechanisms: 70 percent of…”