Tuesday, July 8, 2025

May’s record-high remittances clear US $3-billion mark

Remittances sent by Mexicans working abroad — mostly in the United States — hit a record-high US $3.09 billion in May, up 19.8% over May last year.

The amount was 17% higher than the previous record of $2.6 billion that was set last October.

The average remittance was $323, and there were almost 9.6 million operations over the fifth month of the year.

It was the first time monthly remittances have surpassed the $3-billion mark since the Bank of México started keeping records in 1995.

One financial analyst expects remittance levels will remain “solid” in the short term, given the healthy growth of employment in the United States.

“We expect that the growth of remittances . . . will stabilize at about 5% to 7% per year,” said Alberto Ramos of Goldman Sachs, noting that families with the lowest incomes have benefited most from the flow of cash from abroad.

When the peso’s 3.6% loss in value since May is taken into consideration, the real increase in the value of remittances is 24.3% on an annual basis, he said.

Remittances between January and May amounted to almost $12.9 billion, another record and a figure that represents yearly growth of 11.5%, the largest since 2006.

Fear over U.S. immigration policy and a greater number of jobs in the U.S. are seen as the principal reasons for growth in remittance money.

Remittances reached a historic level last year, coming in at over $28.7 billion. If the growth rate seen so far this year continues, 2018 could break that record.

According to a study carried out by the Center for Latin American Monetary Studies (Cemla), Mexico could receive between $30.2 and $30.5 billion during 2018, an increase of 5% to 6% over 2017.

Source: El Financiero (sp)

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

Mexico aids 30 citizens, celebrates heroic counselors following deadly Texas floods

0
The president said the Mexican Consulate in San Antonio is in communication with Mexican families affected by the floods and will visit shelters as soon as possible.
Anti-gentrification protest Mexico City

Hundreds protest gentrification in Mexico City’s Condesa and Roma neighborhoods

6
Most of the protesters were young people, including residents and former residents of inner-city Mexico City neighborhoods that have seen rents triple since the COVID-19 pandemic.
light phenomenon in the sky

NASA astronaut captures glimpse of mysterious ‘sprite’ over Mexico

0
The atmospheric phenomenon is rarely seen from the ground. But astronauts on the International Space Station have the best seat in the universe, especially when hovering over Mexican skies.
BETA Version - Powered by Perplexity