Record of remittances sent to Mexico

Record of remittances sent to Mexico: $ 4,500 million in one month
The amount that compatriots send from abroad is 21.7% more than the same period in 2020.

Mexico City – Mexicans living abroad sent home a record amount of money in May, reaching for the first time $ 4.5 billion in a month, the Bank of Mexico reported Thursday.
Just a year ago a record was deemed to have been reached when the money sent by migrants – “remittances” – surpassed the $ 4 billion a month mark in March 2020.

They regularly send more than $ 4 billion. In this year, only January and February, which are usually low months for remittances, have been below that amount. Instead, records were set in March, April and May. The latter is usually a high month due to Mother’s Day.
The $ 19,200 million dollars sent to the country during the first five months of 2021 are 21.7% higher than the same period of 2020.

If that pace continues, Mexico could exceed $ 45 billion in remittances in all of 2021.
Being a source of foreign income, remittances generate more money for Mexico than oil exports or tourism, and are only surpassed by manufacturing exports.
The BBVA bank indicated in an analysis report that the rapid economic recovery in the United States and the shortage of workers in some sectors could have helped migrants send more money to their country. Most Mexican migrants live and work in the United States, where job opportunities have emerged as the pandemic lessens.

For five consecutive years, remittances in Mexico have set records. The $ 40.6 billion that migrants sent to the country in 2020 are equivalent to the combined budgets of the Mexican government’s secretariats of education, health, labor, welfare and culture.
Approximately 98.5% of remittances from Mexico are sent from the United States, practically all through banks or wire transfers.

Despite a controversial proposal that would require the central bank to buy all dollars in cash that reach Mexican banks – a measure that supposedly would help migrants, only about 0.7% of remittances enter the country in cash.

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