MEXICO CITY, July 19 (Xinhua) -- Mexico will continue pushing private banks to lower the commissions on remittances sent by Mexicans from abroad, President Andres Manuel Lopez Obrador said on Friday.
"I will continue to ask the banking sector to lower the commissions charged on remittances," said the Mexican president.
Lopez Obrador said the remittances sent by Mexicans, especially from those living in the United States, benefit the population.
Remittances are one of the main sources of foreign exchange in the country.
"Remittances are what allow thousands of towns to have money circulating, to have consumption in stores and in towns," the president said.
His administration made the same request during the 82nd Banking Convention held in March in the western city of Acapulco in the state of Guerrero.
The Mexican government will present a report next year to expose names of institutions which charge immigrants higher commissions and those who charge less, as a way to stimulate competition, the president said.
Lopez Obrador noted that his government will always protect Mexicans living abroad, whom he regards as "living heroes" for their contribution to the country's economy through remittances.
According to estimation by official and non-governmental organizations, about 11 million Mexicans live in the United States.
In May, remittances from Mexicans living abroad reached a record 3.2 billion U.S. dollars, according to the Bank of Mexico, Mexico's central bank.
In 2018, Mexico received 33.48 billion dollars in remittances, a new record for the Latin American country.
