INSUBCONTINENT EXCLUSIVE:
The Bank of Mexico reports a historic influx of remittances to Mexican households
Workers abroad sent $59.5 billion to their families in the first eleven months of 2023
This amount marks a 10.6% increase from the same month last year
Alberto Ramos, Latin America economist at Goldman Sachs, points out this factor
The peso weakened by 14.1% against the dollar during the reported period.Dilip Ratha, lead economist on migration and remittances at the
World Bank, explains the dynamics
Remittance senders increase their efforts to offset the impact of a strong local currency
As the peso weakens, each dollar buys less in Mexico than a year ago
Consequently, remittance senders strive to send more dollars to alleviate this effect.Mexican Households Receive Record-Breaking Remittances
(Photo Internet reproduction)Record-Breaking Remittances to MexicoThe Center for Latin American Monetary Studies (CEMLA) provides additional
One in eight Mexican adults now receives remittances
They provide a lifeline for millions of families
The record-breaking figures underscore the strong ties between Mexican workers abroad and their homeland.The trend reflects the resilience
of Mexican workers in foreign labor markets
It also highlights the importance of remittances as a stable source of foreign exchange
This influx supports household consumption and contributes to economic stability in Mexico.As global economic conditions evolve, remittance
flows to Mexico may continue to fluctuate
However, their significance in supporting Mexican households remains undeniable
The record-breaking figures of 2023 set a new benchmark for future years.
