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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%.
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