Mexican immigrants – mainly to the United States – have sent more money than ever to their families or relatives back home, the famous remittances. The year should end with a historic record, which relieves the Mexican economy.
The Central Bank of Mexico (Banxico) published, on Monday January 3, the last digits of remittances, the name given to money transfers made by immigrants, mainly to the United States, where nearly 12 million have been identified.
For the month of November 2021 alone, the amount of remittances reached more than 4.6 billion dollars (4 billion euros), that is, note the daily Millennium, “An increase of 37.7 % compared to the same month in 2020 ”.
401 dollars on average
On average, in November, these immigrants sent their country of origin 401 dollars, a figure not seen for twenty years.
But it gets better: By the end of 2021, the total is expected to well exceed $ 50 billion – a 25% increase from 2020, which already set a new all-time high.
In fact, with the latest data for November, Mexico has already crossed this one year mark, as stated on its Twitter account Jonathan Heath, vice-governor of the Central Bank: “The twelve-month flow of remittances (from December 2020 to November 2021) exceeds for the first time the 50 billions of dollars.”
The 12-month flow of remittances (from December 2020 to November 2021) exceeds 50 billion dollars for the first time, registering 50,483.6 million dollars. https://t.co/qJDSknDltt
— Jonathan Heath (@JonathanHeath54) January 3, 2022
A decline in December is highly unlikely, because, as noted the daily The financial, the remittances know “A series of nineteen consecutive months on the rise”.
Second source of foreign exchange
The president of the left, Andrés Manuel López Obrador, welcomed, echoed in particular by the site The Country America :
These are unheard of figures. This explains why our economy is growing. ”
The remittances remain a very important foreign exchange resource for Mexico, just behind automotive sector exports. According to the Latin American transversal site Infobae, “The Mexican government hopes that remittances are helping to lift the economy, which experienced a recession of 8.3 % in 2020 ”.
A Mexican economic and financial analyst quoted by The financial notes:
This is not a success for the Mexican economy, it is the result of strong growth in the United States. ”
A growth whose profits have also benefited the Mexican diaspora.
The vast infrastructure investment plan launched in November by US President Joe Biden should boost remittances even more in 2022, experts say, especially since one in five Mexicans in the United States works in the construction industry.