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.