Mexicans residing overseas despatched residence a complete of virtually $14 billion within the first three months of 2023, an 11.4% improve over the identical interval of 2022
MEXICO CITY — Mexicans residing overseas despatched residence a complete of virtually $14 billion within the first three months of 2023, an 11.4% improve over the identical interval of 2022, the nation’s central financial institution mentioned Tuesday.
Whereas nonetheless appreciable, the speed of progress in remittances seems to be slowing, after giant pandemic-era will increase in 2022 and 2021. In March, remittances for the month have been truly down 1.2% in comparison with the identical month final 12 months.
Which may be associated to the Feb. 28 choice by the federal government to cease accepting remittances via the government-owned Bienestar financial institution.
The federal government mentioned the choice was made to keep away from duplicating the capabilities of one other authorities switch workplace. However some specialists mentioned it was a response to indicators that drug cartels could have been utilizing remittances via the Bienestar financial institution to launder cash.
The Bienestar financial institution has not but responded to questions on studies that there had been a surge in remittances despatched via the financial institution to the cartel-dominated state of Sinaloa.
Remittances grew by 13.4% in 2022, totaling about $58.5 billion for the 12 months as an entire. In 2021, remittances grew by an astounding 27.1%, totaling about $51.6 billion for the 12 months.
Remittances now surpass virtually all different sources of the nation’s international earnings, together with tourism, oil exports and most manufacturing exports.
Mexico receives more cash from remittances than some other nation besides India. Indian migrants ship residence about $100 billion every year.
Nonetheless, nobody is getting wealthy in Mexico from remittances; the typical quantity every migrant despatched was $391, in accordance with the Financial institution of Mexico.
Remittances as a proportion of Mexico’s GDP have virtually doubled over the earlier decade, rising from 2% of GDP in 2010 to three.8% in 2020, in accordance with the federal government. Between 2010 and 2020, the share of households in Mexico receiving remittances rose from 3.6% to five.1%.