Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Remittances to Mexican families rise to record high for February

Economic IndicatorsApr 05, 2021 03:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. A woman counts U.S. banknotes at a money exchange office in Ciudad Juarez, Mexico

MEXICO CITY (Reuters) - Remittances sent to Mexico, a major support for the country's economy and low-income families, rose to their highest-ever level for the month of February since records began in 1995, central bank data showed on Monday.

Remittances to Mexico in February totaled $3.174 billion, compared to $2.732 billion during the same month last year.

Cash sent back to family members this past January was slightly higher, at $3.298 billion.

Remittances have been on a record run since last year and reached their all-time monthly high in March 2020, as a growing number of Mexican migrants living in the United States dug deep to send extra money to relatives back home to alleviate the devastating impact of the coronavirus pandemic.

"Solid workers' remittance flows have been adding support to the current account and to private consumption, particularly for low-income families, who have a high propensity to consume and are the overwhelming recipients," said Goldman Sachs (NYSE:GS) economist Alberto Ramos in a research note on Monday.

Most of Mexico's remittances are sent by the millions of Mexicans living in the United States and are a pillar of support for Latin America's second-largest economy, which suffered its steepest contraction in 2020 since the Great Depression of the 1930s.

Remittances sent to Mexico totaled $40.61 billion last year. For January and February 2021, Mexico received a total of $6.47 billion in remittances, up from $5.35 billion the first two months of last year.

Remittance flows are expected to remain strong on the back of the $1.9 trillion U.S. fiscal stimulus package and robust economic growth in the United States.

"Generous wage/income support fiscal transfers in the U.S., a very competitive MXN/USD level, and a deep contraction of activity and employment in Mexico have acted as both push and pull drivers of dollar remittances from the U.S. to Mexico," Ramos said.

Remittances to Mexican families rise to record high for February
 

Related Articles

U.S. job openings vault to record high in March
U.S. job openings vault to record high in March By Reuters - May 11, 2021 2

By Lucia Mutikani WASHINGTON (Reuters) - U.S. job openings surged to a record high in March while hiring lagged, further evidence that a shortage of workers was hampering job...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Richie Berg
Richie Berg Apr 05, 2021 4:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1 cent tax on money transfers would raise $3.8 billion over ten years for schools.
Joel Schwartz
Joel Schwartz Apr 05, 2021 4:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1 cent tax on institutional high frequency trades would pay off the whole national debt.
Tyler Higgins
pekas13 Apr 05, 2021 4:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email