Remittance payments to Mexico grew 16.2% annually in February, elevated by a higher number of payments and a higher average payment value, according to information supplied by the Bank of México (Banxico) on Monday.

The number of payments, which came principally from Mexican migrants who live in the United States, rose 6.3%, while the average value of each payment was up 9.3%.

The dollars received during the second month of the year surpassed US $3.17 billion; the 10th consecutive month of positive growth with the majority of those months showing double-digit increases.

In 2020, the total value of remittances surpassed $40.6 billion, a record rise of 11% compared to 2019, despite the damaging economic effects of the global coronavirus pandemic.

The first two months of the year saw $6.47 billion in remittances; 20.9% higher than those recorded for January and February of 2020.

The money represents the second-largest contributor of foreign currency to Mexico, with automobile exports still the primary source.

President López Obrador has thanked the 38 million Mexicans living in the United States for their remittance payments on numerous occasions. He has called them “heroes” for their contribution, which he estimates to benefit close to 10 million poor families.

The government hopes that remittances will play a role in lifting the economy, which contracted 8.5% in 2020, according to the National Institute for Statistics and Geography (Inegi).

Source: Expansión (sp)