La Jornada – BdeM: transfer history for the first two months of the year

La Jornada – BdeM: transfer history for the first two months of the year

Mexico received $3.91 billion in remittances in February, an increase of 23.3 percent compared to $3.17 billion in the same month last year, the Bank of Mexico revealed on Friday.

This is the highest number for a similar month since the central bank kept records dating back to 1995.

In this way, in the first two months of 2022, the value of income from remittances was 7 thousand 841 million dollars, which is an amount higher than 6 thousand 458 million dollars in the same period of 2021 which means an increase of 21.4 percent. .

Meanwhile, in the past 12 months (from March 2021 to February 2022), the cumulative inflow of remittance income was $52,968 million, higher than the cumulative inflow in January’s 12 months, when the figure was $52,000,229.M .

BdeM determined that a total of 10 million and 400,000 deals were generated, with an average transfer of $375, representing increases of 15.6 and 6.7 percent, respectively.

The total income from remittances in the period between January and February was almost 98.8 percent through electronic remittances adding up to 7 thousand 747 million dollars. On the other hand, cash transfers and money orders They represent 0.8 and 0.4 percent, respectively.

Remittances remain one of the main sources of foreign exchange in the country. Relatively speaking, in the first two months of the year, Mexican oil exports were worth $4,205 million, according to data from Petróleos Mexicanos. In January, according to the latest available data, income from tourism was $1,981 million.

It has grown by 16.3% real

BBVA Mexico identified in an analysis that remittances have already accumulated 22 consecutive months of annual growth, a streak that began in May 2020, in addition to an average increase of more than 20 percent annually in the period.

The bank determined that during February 2022, in real terms, deducting the inflation factor, and adjusting the exchange rate, transfers to households in Mexico increased by 16.3 percent.

According to the financial institution, one of the facts that contribute to the presence of remittances in these numbers is that the increased demand for labor in the United States during the pandemic, especially in essential sectors, has attracted labor from the immigrant population, especially from Mexico and the center of the country. America that led the increase in shipments to these countries.

By February 2022, the number of Mexican immigrants working in the United States had risen to 7.6 million, a level 3.1 percent higher than in February 2020; That is, it is already at levels above those observed before the pandemic,” the BBVA highlighted.

For its part, Banco Rule stated that by 2022, remittances are expected to grow by 12.8 percent compared to 2021, and will reach an amount close to $58.2 billion.

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