[AyPee] The money that Mexican migrants send home to their relatives grew by 7.6% in 2023, to reach a record $63.3 billion for the year, Mexico’s central bank said Thursday.
The money transfers, known as remittances, have been booming since the coronavirus pandemic, but the rate of growth continued to cool somewhat in 2023.
In 2022, remittances grew by 13.4%, totaling about $58.9 billion for the year as a whole. In 2021, remittances grew by an astounding 27.1%, totaling about $51.6 billion for that year.
Observers have said the slower growth may be due to a combination of factors like slower economic growth in the United States — where most Mexican migrants work — higher inflation and a stronger Mexican peso.
Remittances now surpass almost all other sources of the country’s foreign income, including tourism, oil exports and most manufacturing exports. |