First-quarter remittances by Mexicans working abroad set a new record

Remittances sent to Mexico increased 18% to US $ 12.52 billion in the first quarter of 2022. This represents a new record for the first three months of the year.

The number, reported by the Bank of Mexico (Banxico) on Monday, is $ 1.91 billion higher than in the first quarter of 2021. New calendar year record of over $ 51 billion Last year, I was sent to Mexico by remittance.

The majority come from the United States, where millions of Mexicans live and work.

The central bank reported that total remittances in March were $ 4.68 billion, an increase of 12.6% compared to the same month in 2021, and total remittances for the 12 months to the end of March were $ 53.49 billion.

According to the Bank of Mexico, 99% of all funds were sent by wire transfer during the first three months of this year. Cash and in-kind payments accounted for 0.7% of the total $ 12.52 billion, with the remaining 0.3% being remitted in money orders.

Banks also reported seasonally adjusted figures for remittances in the first quarter. The figure derived from that statistical method was a record of $ 13,910 million in the first quarter, an increase of 18.5% compared to the first three months of 2021.

In March, a total of 11.9 million transactions were sent to Mexico. An average of $ 393 was sent for each, an increase of 6% compared to the same month in 2021.

Banxico also reported that a total of $ 271 million in remittances was sent abroad from Mexico during the first three months of this year, an increase of 26.6% compared to the first quarter of 2021. 31.

Despite the negative impact of the coronavirus pandemic on the global economy, new remittance records were set in both 2020 and 2021.

The widespread support of the US government for the US economy during a pandemic has been cited by many analysts as the main reason for record remittance levels.

Mexico News Daily