Remittances to Mexico hit record high in 2018

Source: Xinhua| 2019-02-02 11:31:19|Editor: Yang Yi
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MEXICO CITY, Feb. 1 (Xinhua) -- Overseas Mexicans have transfered 33.481 billion U.S. dollars to their home country last year, setting a new record of annual remittance into the country, the Central Bank of Mexico (Banxico) said on Friday.

For the second straight year, remittances grew by double digits, surpassing the 2017 total of 30.291 billion dollars, according to Banxico.

In December alone, remittances hit 2.926 billion dollars, a 6-percent increase compared to that of the same month the previous year.

A large part of the remittances (32.695 billion dollars) were sent via electronic transfer, according to the report.

In a separate report, Banorte, a Mexican financial group, believes the flow of remittances could go down this year, citing signs of lower economic activity in the United States, a key origin of remittances.

In the past few years, remittances have been one of Mexico's major sources of foreign currency, along with foreign direct investment (FDI). The country is also the main recipient of remittances in Latin America.

An estimated 11 million Mexicans live in the United States, according to official numbers and non-governmental organizations.