ADVERTISEMENT

Cash Mexican migrants despatched residence rose by 11.4% in Q1

74
SHARES
1.2k
VIEWS
ADVERTISEMENT
ADVERTISEMENT


MEXICO CITY — Mexicans residing overseas despatched residence a complete of just about $14 billion within the first three months of 2023, an 11.4% enhance over the identical interval of 2022, the nation’s central financial institution stated Tuesday.

Whereas nonetheless appreciable, the speed of development in remittances seems to be slowing, after massive pandemic-era will increase in 2022 and 2021. In March, remittances for the month have been really down 1.2% in comparison with the identical month final yr.

That could be associated to the Feb. 28 determination by the federal government to cease accepting remittances by way of the government-owned Bienestar financial institution.

The federal government stated the choice was made to keep away from duplicating the capabilities of one other authorities switch workplace. However some specialists stated it was a response to indicators that drug cartels might have been utilizing remittances by way of the Bienestar financial institution to launder cash.

The Bienestar financial institution has not but responded to questions on stories that there had been a surge in remittances despatched by way of the financial institution to the cartel-dominated state of Sinaloa.

Remittances grew by 13.4% in 2022, totaling about $58.5 billion for the yr as an entire. In 2021, remittances grew by an astounding 27.1%, totaling about $51.6 billion for the yr.

Remittances now surpass virtually all different sources of the nation’s international revenue, together with tourism, oil exports and most manufacturing exports.

Mexico receives extra money from remittances than another nation besides India. Indian migrants ship residence about $100 billion annually.

Nonetheless, nobody is getting wealthy in Mexico from remittances; the typical quantity every migrant despatched was $391, in accordance with the Financial institution of Mexico.

Remittances as a share of Mexico’s GDP have virtually doubled over the earlier decade, rising from 2% of GDP in 2010 to three.8% in 2020, in accordance with the federal government. Between 2010 and 2020, the share of households in Mexico receiving remittances rose from 3.6% to five.1%.

ADVERTISEMENT


MEXICO CITY — Mexicans residing overseas despatched residence a complete of just about $14 billion within the first three months of 2023, an 11.4% enhance over the identical interval of 2022, the nation’s central financial institution stated Tuesday.

Whereas nonetheless appreciable, the speed of development in remittances seems to be slowing, after massive pandemic-era will increase in 2022 and 2021. In March, remittances for the month have been really down 1.2% in comparison with the identical month final yr.

That could be associated to the Feb. 28 determination by the federal government to cease accepting remittances by way of the government-owned Bienestar financial institution.

The federal government stated the choice was made to keep away from duplicating the capabilities of one other authorities switch workplace. However some specialists stated it was a response to indicators that drug cartels might have been utilizing remittances by way of the Bienestar financial institution to launder cash.

The Bienestar financial institution has not but responded to questions on stories that there had been a surge in remittances despatched by way of the financial institution to the cartel-dominated state of Sinaloa.

Remittances grew by 13.4% in 2022, totaling about $58.5 billion for the yr as an entire. In 2021, remittances grew by an astounding 27.1%, totaling about $51.6 billion for the yr.

Remittances now surpass virtually all different sources of the nation’s international revenue, together with tourism, oil exports and most manufacturing exports.

Mexico receives extra money from remittances than another nation besides India. Indian migrants ship residence about $100 billion annually.

Nonetheless, nobody is getting wealthy in Mexico from remittances; the typical quantity every migrant despatched was $391, in accordance with the Financial institution of Mexico.

Remittances as a share of Mexico’s GDP have virtually doubled over the earlier decade, rising from 2% of GDP in 2010 to three.8% in 2020, in accordance with the federal government. Between 2010 and 2020, the share of households in Mexico receiving remittances rose from 3.6% to five.1%.

ADVERTISEMENT


MEXICO CITY — Mexicans residing overseas despatched residence a complete of just about $14 billion within the first three months of 2023, an 11.4% enhance over the identical interval of 2022, the nation’s central financial institution stated Tuesday.

Whereas nonetheless appreciable, the speed of development in remittances seems to be slowing, after massive pandemic-era will increase in 2022 and 2021. In March, remittances for the month have been really down 1.2% in comparison with the identical month final yr.

That could be associated to the Feb. 28 determination by the federal government to cease accepting remittances by way of the government-owned Bienestar financial institution.

The federal government stated the choice was made to keep away from duplicating the capabilities of one other authorities switch workplace. However some specialists stated it was a response to indicators that drug cartels might have been utilizing remittances by way of the Bienestar financial institution to launder cash.

The Bienestar financial institution has not but responded to questions on stories that there had been a surge in remittances despatched by way of the financial institution to the cartel-dominated state of Sinaloa.

Remittances grew by 13.4% in 2022, totaling about $58.5 billion for the yr as an entire. In 2021, remittances grew by an astounding 27.1%, totaling about $51.6 billion for the yr.

Remittances now surpass virtually all different sources of the nation’s international revenue, together with tourism, oil exports and most manufacturing exports.

Mexico receives extra money from remittances than another nation besides India. Indian migrants ship residence about $100 billion annually.

Nonetheless, nobody is getting wealthy in Mexico from remittances; the typical quantity every migrant despatched was $391, in accordance with the Financial institution of Mexico.

Remittances as a share of Mexico’s GDP have virtually doubled over the earlier decade, rising from 2% of GDP in 2010 to three.8% in 2020, in accordance with the federal government. Between 2010 and 2020, the share of households in Mexico receiving remittances rose from 3.6% to five.1%.

ADVERTISEMENT


MEXICO CITY — Mexicans residing overseas despatched residence a complete of just about $14 billion within the first three months of 2023, an 11.4% enhance over the identical interval of 2022, the nation’s central financial institution stated Tuesday.

Whereas nonetheless appreciable, the speed of development in remittances seems to be slowing, after massive pandemic-era will increase in 2022 and 2021. In March, remittances for the month have been really down 1.2% in comparison with the identical month final yr.

That could be associated to the Feb. 28 determination by the federal government to cease accepting remittances by way of the government-owned Bienestar financial institution.

The federal government stated the choice was made to keep away from duplicating the capabilities of one other authorities switch workplace. However some specialists stated it was a response to indicators that drug cartels might have been utilizing remittances by way of the Bienestar financial institution to launder cash.

The Bienestar financial institution has not but responded to questions on stories that there had been a surge in remittances despatched by way of the financial institution to the cartel-dominated state of Sinaloa.

Remittances grew by 13.4% in 2022, totaling about $58.5 billion for the yr as an entire. In 2021, remittances grew by an astounding 27.1%, totaling about $51.6 billion for the yr.

Remittances now surpass virtually all different sources of the nation’s international revenue, together with tourism, oil exports and most manufacturing exports.

Mexico receives extra money from remittances than another nation besides India. Indian migrants ship residence about $100 billion annually.

Nonetheless, nobody is getting wealthy in Mexico from remittances; the typical quantity every migrant despatched was $391, in accordance with the Financial institution of Mexico.

Remittances as a share of Mexico’s GDP have virtually doubled over the earlier decade, rising from 2% of GDP in 2010 to three.8% in 2020, in accordance with the federal government. Between 2010 and 2020, the share of households in Mexico receiving remittances rose from 3.6% to five.1%.

Gaze week

Gaze week

it is world news site that provides up-to-date news and information about world happenings and happenings. It covers a range of topics including politics, economics, technology, entertainment, and more. The site aims to provide unbiased and accurate information from credible sources around the world.

Recommended For You

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?