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Remittances to Mexico reach historical monthly record in March

Remittances sent by Mexicans living abroad, mainly from the United States, reached a historical monthly record in March, amounting to $ 4,151 million, according to figures released this Monday (05/03/2021) by the Central Bank of Mexico.

Mexico: deported migrant children

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FOLLOWING

This is the highest number of remittances for a month since 1995, the year in which the agency began with the records of said inflow of foreign currency.

In March, money transfers increased 30% compared to February and 2.6% compared to the same month of 2020, when just over 4,000 million dollars (4,016) were also registered and just as the coronavirus pandemic began to hit.

During 2020, remittances totaled 40,606 million dollars, this is an increase of 11.4% compared to 2019, and during the first quarter of this 2021, they added 10,623 million dollars, an increase of 13% compared to the same period of the year previous.

In turn, Mexicans abroad made 11.2 million shipments, an increase compared to the nine million in February, and they sent more money each time: the average remittance was located at 370 dollars compared to 351 dollars the previous month .

Remittances on the rise since last year

After the month-to-month increase since 2020, analysts have attributed this growth to the improvement in the US economy, which has allowed migrant communities to recover their jobs while the delivery of economic stimuli and an accelerated vaccination campaign in the United States.

The entry of these currencies means a relief for many Mexican families at a time when the local economy, the second largest in Latin America after Brazil, lost momentum at the start of the year after a contraction of 8.5% in 2020.

The Mexican authorities expect this year a rebound in the economy of more than 5%.

ee (afp / efe)

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