Thursday, December 7, 2023

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)

Have something to say? Paid Subscribers get all access to make & read comments.

US Treasury Secretary Janet Yellen

US issues sanctions against Beltrán Leyva cartel affiliates

U.S. Secretary of the Treasury Janet Yellen announced the new sanctions against the drug trafficking organization while in Mexico City.

Mexico in Numbers: Religion

Is Mexico as religious as it appears to be? Dive into the data on how Mexico's religious landscape is changing and diversifying.

Supreme Court lifts suspension on bullfighting in Mexico City

Supporters celebrated the lifting of a temporary suspension by the Supreme Court, but the constitutionality of the sport is still in question.