Citizens send more than $46 billion in remittances, Banxico reveals

The Bank of Mexico (Banxico), released data on remittances, at the end of November 2021, sending dollars to our country amounted to a cumulative amount of 46 thousand 833 million dollars.

Remittances represent an amount of money from abroad, the goal of which is to increase economic resources for the benefit of thousands of Mexican families.

At the annual level, remittances recorded an increase of 26.7% compared to $36.9 billion recorded in the same period of the previous year.

Banxico data indicates that they entered a total of 4 thousand and 665 million dollars in transfers from abroad, specifically during the month of November 2021. This represents an annual increase of 37.7%, compared to 3 thousand and 387 million dollars for the same period. year 2020.

For his part, Banxico Deputy Governor Jonathan Heath celebrated that the cumulative flow of remittances exceeded $50 billion, from December 2020 to November 2021.

He wrote on his Twitter account that the flow of remittances over the 12 months (from December 2020 to November 2021) exceeded $50 billion for the first time, recording $50483.6 million.

It is important to note that the largest amount of remittances are sent by Mexicans residing in the United States, as they represent one of the largest sources of foreign exchange in the country.

Unfortunately, this data shows the weak economic recovery of our country, because the resources come from the potential of the United States.

It is very likely that 2021 remittances will exceed $50 billion. “This is not an achievement for the Mexican economy, it’s a result of high growth in the US and a weak recovery for Mexico,” Gabriela Seller wrote on Twitter.

Most notably, remittances are likely to cross the $50,000 mark throughout 2021.

During the whole of 2021, the analyst added, remittances are expected to accumulate approximately $51.810 million.

With information from Banxico

* Adam

Leave a Reply

Your email address will not be published.