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Remittances to Mexico reach record high in 2019
Source:Xinhua Published: 2020/2/5 12:52:34
Photo taken on Jan. 10, 2019 shows people beside the US-Mexico border barrier in Tijuana, Mexico. (Xinhua/Xin Yuewei)
Mexicans working abroad sent more money back to Mexico last year than ever before, injecting 36.049 billion US dollars into the local economy, Mexico's central bank Banxico said on Tuesday.
The figure represents a more than 7 percent increase over the year before, when remittances, mainly from Mexicans in the United States, amounted to 33.677 billion dollars.
Mexico's Banorte financial group said it expects remittances to maintain the same pace in 2020.
"We believe remittances will continue to support the growth of consumption," the group said.
Remittances are one of Mexico's top sources of revenue, alongside foreign direct investment.
Some 11 million Mexicans live and work in the United States, according to official estimates, making Mexico the leading receptor of remittances in Latin America.
Posted in: AMERICAS