Saturday, June 15, 2024

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)

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