Remittances to Mexico, one of the main sources of foreign currency in the country, grew in May for the thirteenth consecutive month, driven both by a greater number of shipments and by an increase in the average amount of operations, according to figures released Thursday by the Bank of Mexico (Banxico)
The dollars received in May totaled 4,514 million dollars (mdd), 31% more than in the same month of 2020, according to a monthly report from Banco de México (Banxico).
The number of transactions -mainly from the United States- rose 14.5% at an annual rate, while the average amount per transaction grew 14.4%.
In accumulated figures, remittances increased 21.7% annually between January and May, to 19.178 million dollars, said Banxico.
Remittances accumulated in the last 12 months amounted to 44,026 million dollars, being the highest level on record and accumulating 13 months of consecutive increases, said Gabriela Siller, director of economic and financial analysis at Banco Base.
Analysts have highlighted that the fiscal stimuli granted in the United States have contributed to the growth of remittances to Mexico, which is why growth is expected during the year.
In 2020, Mexico received a record amount in remittances with 40,607 million dollars, 11% more than what it received in 2019.
Banks that operate in Mexico are preparing a mechanism so that Mexicans living abroad can make money transfers in dollars to their relatives through debit cards.
Companies such as BanCoppel have also registered record numbers in sending remittances. In 2019, the growth was 19% and he said that they are working so that remittances can be collected soon from the application and in the ATM network.
With information from Reuters
