Monday, December 11, 2023

Remittances to Mexico rose again in September, remaining close to historical maximums

Remittances to Mexico, one of the country’s main sources of foreign currency, grew 11.4% year-on-year in September to 5,613 million dollars, a figure that close to the level reached in May, when they reached a historical record, according to data released on Wednesday by the central bank.

In the fifth month of the year, remittances totaled 5,697 million dollars, an amount never seen before. President Andrés Manuel López Obrador said earlier Wednesday that estimates could reach $63 billion this year, up from around $60 billion in 2022.

The amount in September was higher compared to August, when remittances reached 5,563 million dollars, the Bank of Mexico (Banxico) said in a statement.

Mexico is the second country in the world that receives the most money for this concept, according to the World Bank, although this important flow of money has also attracted attention due to the use made by drug cartels. in Mexico to send their contraband. we are from the United States.

The number of operations – mainly from neighboring countries – grew 9.1% in August compared to the same month last year with 13,919 million transactions, while the average value per order increased 2.1% year-on-year -year, to $403, according to data from Banxico.

From January to September, the amount of remittances received compared to the same period in 2022 increased by 9.5% and the number of operations by 8.4%, while the average amount increased by 1.1% in that period. In total, Mexico has received about 47 billion dollars for this concept so far this year.

World Nation News Desk
World Nation News Desk
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