Friday, July 18, 2025

March remittances up 10% to record-breaking US $4.15 billion

Mexican workers living abroad sent home a record US $4.15 billion in March, a 10.4% increase on March last year.

In the first quarter, remittances sent to Mexico totaled $10.62 billion, another record, with a 13% increase on 2020.

The average remittance payment was $370, compared to $320 last year, and 1.8 million families benefited, according to data provided by the Bank of México (Banxico).

The International Monetary Fund’s (IMF) Alejandro Werner explained that the solid flow of remittances is due to the U.S. fiscal stimulus, the incentives for migrants to support their families back home, and payments switching to formal channels due to border closures.

Werner added that it is likely that the trend will continue, but could slow moderately as the pandemic further recedes in Mexico.

Goldman Sachs’ Alberto Ramos explained that the flow of remittances remains strong, referencing the impact of “the generous fiscal transfers that the United States government is granting to families; as well as the competitive exchange rate differential, and the deep contraction of employment and economic activity in Mexico.”

Source: El Economista (sp)

Have something to say? Paid Subscribers get all access to make & read comments.
A man stands by an open suitcase in an airport revision area

Foreign national caught with over a million pesos of ketamine in Cancún airport

0
Officials confiscated 2 kilograms of ketamine, a controlled substance in Mexico.
two people walkin gby a for rent sign

Can rent control stop gentrification? Mexico City officials plan to find out

9
Political leaders in the nation's capital have reached into their anti-gentrification toolkit and come up with an approach that goes straight to the heart of the problem.
cell phone with Uber

Mexican authorities slam Uber’s price hike: ‘Unilateral and irresponsible’

2
The ride-hailing app insists that the rise is necessary after recent labor reforms gave its drivers full employee rights, including IMSS membership.
BETA Version - Powered by Perplexity