Remittances hit a record $ 4.11 billion in March

Remittances from Mexicans living abroad, most of them from the United States, hit a historic monthly record in March of $ 4.11 billion, according to figures released Monday by the Bank of Mexico.

This is the most number of conversions in a month since 1995, when Banxico Records began.

In March, money transfers increased 30% compared to February and 2.6% compared to the same month in 2020, when just over $ 4 billion was recorded, and when the coronavirus pandemic began to emerge.

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In turn, Mexicans abroad sent 11.2 million shipments, up from nine million in February, and were sending more money each time: the average transfers were $ 370 compared to $ 351 the previous month.

Total transfers during 2020 reached 40606 million dollars, an increase of 11.4% compared to 2019, and during the first quarter of this year they amounted to 10.623 million dollars, an increase of 13% compared to the same period of the previous year.

Since last year, remittances from Mexican workers have increased month by month.

Analysts have attributed this growth to the improvement in the US economy, which has allowed immigrant communities to reclaim their jobs while processing the provision of economic stimuli and the accelerated vaccination campaign in the United States.

Entering these currencies means relief for many Mexican families at a time when the local economy, the second largest in Latin America after Brazil, lost momentum at the start of the year after contracting 8.5% in 2020.

In the United States there are 12 million people born in Mexico and 26 million are second or third generation.