Remittances reached an all-time high in August, adding 4,743 million dollars, which implied an increase of 32.7 percent compared to the 3,574 million of the same month a year before.
According to data from Banco de México (Banxico), in the first eight months of this year the sending of money by compatriots reached 32 thousand 931 million dollars, 24.8 percent more than the 26 thousand 395 million dollars of the same period of one year before. For Alberto Ramos, Goldman Sachs chief economist for Latin America, remittances have supported the current account and private consumption, particularly for low-income families, who have a high propensity to consume and are the overwhelming recipients of such transfers.
“Generous wage / income support fiscal transfers in the United States, a competitive level of the exchange rate, and a deep contraction in activity and employment in Mexico have acted as drivers of US dollar remittances to Mexico. The moderation in activity and the income growth profile in the United States should lead to a moderation in remittance flows to Mexico in the coming quarters ”, he estimated. BBVA analysts detailed that Jalisco ranked first as the entity that received the most remittances in the first half of this year, with 2,490 million dollars, followed by Michoacán and Guanajuato, with 2,318 and 1,955 million dollars, respectively.Banorte analysts reiterated their expectation for this year, in which remittances would reach a record flow of between 48 thousand and 48 thousand 500 million dollars. “Despite some headwinds in the US, the dynamics of remittances remain very strong and suggest significant upward risks to our expectation of inflows all year between 48 thousand and 48 thousand 500 million dollars,” they abounded.
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