Remittances To Mexico On The Increase

05/11/2015

According to the Bank of Mexico, which keeps track of this, remittances to Mexico are on the increase. And that’s true whether you compare the first quarter of 2014 with the first quarter of 2015, or if you compare the entire year of 2013 with the entire year of 2014. As the Latin American Herald Tribune reports

Remittances sent to Mexico by emigrants totaled $5.7 billion in the first quarter, up 4.9 percent compared to the same period last year, the Bank of Mexico said. The average remittance was $297.53 in the January-March period, up slightly from the $296.10 average registered in the same period in 2014. The number of transactions climbed from 18.44 million in the first quarter of 2014 to 19.25 million in the same period this year, with the majority of remittances sent via electronic funds transfers, the central bank said. Mexico received $23.64 billion in remittances in 2014, a figure that was up 8 percent from 2013. Remittances sent by Mexicans living abroad, mainly in the United States, are the country’s second-largest source of foreign exchange, after oil, and help cover the living expenses of millions of people. [ Remittances to Mexico Rise 4.9% in Q1, Latin American Herald Tribune, May 7, 2015

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