In March 2023, income from Money transfers arrivals from abroad increased by 10.7%. According to the Bank of Mexico, remittances from abroad reached $5.194 million in March.
In turn, remittances sent by people from Mexico abroad grew by 21.7% annually. They were located at 113 million dollars.
Which means that in 2023 remittance account surplus in Mexico with the rest of the world, which is more than in March 2022.
Photo: Reuters
However, compared to February 2023, March represented a downturn in the remittance surplus, receiving $5.029 million from February when it was $5.093 million.
According to the Bank of Mexico, in the first quarter of 2023, income from remittances was higher than income in the first quarter of 2022 by about 11.4%
In addition, the Bank of Mexico reports that 98.9% of remittance income was received through Bank transfers. Only 0.8% were made in cash and in kind and 0.3% through remittance.
The remittance account surplus for the past twelve years was $58.754 million.
Photo: Photolaboratory
Yesterday, the Mexican government launched Financial cards for wellbeingwhich will allow Mexicans living in the US to send money transfers through them.
According to the head of Financiera para el Bienestar, Rocio Mejia, they will only be sent 30 seconds safe, without intermediaries and at a lower price
This data becomes relevant because, as Banco de México pointed out, almost all money transfers are sent via wire transfers.
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
