May 6

Remittances to Mexico Surge to Record High in March

Remittances to Mexico, one of the country’s main sources of foreign exchange, surged to a record in March, central bank data showed on Monday, as workers abroad likely rushed to take advantage of a favorable exchange rate.

Mexico received $4.02 billion in remittances from abroad in March, a 36% increase from the $2.96 billion in March 2019, the Bank of Mexico figures showed. It compares with $2.69 billion in February.

Most of the money sent to Mexico comes from the United States, which is home to millions of people of Mexican origin.

Photo courtesy of Alexis Tostado.

Source: Reuters (link opens in a new window)

emerging markets, remittances