Mexico | Monthly remittances exceed US$3 billion for the first time ever
Published on Monday, July 2, 2018 | Updated on Wednesday, July 4, 2018
Mexico | Monthly remittances exceed US$3 billion for the first time ever
Summary
May saw US$3,097.7 million in remittances, representing a YoY increase of 19.8%, the biggest increase seen in the past 18 months. The Mother’s Day effect, the favourable economic conditions in the US (unemployment at 3.8%) and the appreciation of the dollar against the peso seen in May are the three factors explaining this all-time record figure for remittances.
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- Mexico
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- Migration
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Authors
David Cervantes Arenillas
BBVA Research - Senior Economist
Juan José Li Ng
BBVA Research - Senior Economist