The Bank of Mexico, Banxico, reported that the income from remittances received from abroad and mainly from workers working in the US, amounted to $4,348 million dollars in February 2023, which implied an annual increase of 11.2 % and 34 months upward without interruption.
For their part, remittances sent by residents of Mexico abroad showed an annual increase of 14.1%, reaching a level of $111 million dollars.
“With these results, the surplus of the remittance account of Mexico with the rest of the world was located at $4,238 million dollars, greater than the $3,814 million dollars that occurred in February 2022,” said Banxico.
The monthly report indicates that with seasonally adjusted series, in the second month of 2023 the income and expenditures for remittances exhibited monthly increases of 0.7 and 13.8%, respectively. So, in February
In 2023, the remittance account surplus stood at $5,109 million dollars, higher than the $5,087 million dollars reported in January.
In the same way, the Mexican central bank indicates that the accumulated figures in the period January-February 2023, the first two months of the year, the value of income from remittances was $8,755 million.
dollars, an amount greater than the $7,829 million observed in the same period of 2022 and which meant an annual expansion of 11.8%.
During the first two months of 2023, 99.0% of the total income from remittances was made through electronic transfers, totaling $8.668 million dollars. For their part, remittances made in cash and kind and money orders respectively represented 0.7 and 0.3% of the total amount, registering levels of 60 and 26 million dollars, respectively.
In the last twelve months, from March 2022 to February 2023, the accumulated flow of remittance income was $59.435 million dollars, higher than the level reached in the previous January of $58.998 million dollars (February 2022 – January 2023).
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