Tuesday, June 25, 2024

April remittances soared 39%; January-April figures up 19%

Remittances to Mexico jumped almost 40% in April, posting the sharpest increase in nearly two decades, according to the Bank of México.

Cash sent from abroad hit US $4.05 billion, a rise of 39.1% on the same month in 2020, when uncertainty sparked by the pandemic dented the flow of transfers. The percentage jump was the biggest since 2005.

In the first four months of 2021 remittances totaled $14.7 billion, 19% higher than the equivalent period in 2020.

So far this year March has counted the highest receipts, with an unprecedented $4.15 billion.

However, the average remittance payment was $4 higher in April than March, rising to US $375.

Banorte experts said the level of remittances sent from nationals abroad has been driven in part by the economic support of the United States government to families, and the recovery of employment among Mexicans abroad.

The country is on track to surpass its record 2020 year for remittances and Banorte estimates that payments could be up 10% at year’s end.

Sources: Reuters, Milenio (sp), La Jornada (sp)

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