Photo: Rappler

XINHUA

Mexico could receive a record $40 billion in remittances in 2020, helping to drive domestic economic recovery, Mexican President Andrés Manuel López Obrador (AMLO) said on Monday, Aug. 24.

“Remittances continue to grow, despite the pandemic,” the president said during his daily morning press conference at the National Palace in Mexico City.

“This year we are going to receive record remittances, I estimate around $40 billion, and that goes to 10 million Mexican families.”

Remittances from Mexicans working abroad, mainly in the United States, are “the country’s main source of foreign currency,” he said, adding the resources help promote consumption in smaller towns, which are the main recipients of cash.

According to the Central Bank of Mexico (Banxico), remittances grew 10.6 percent in the first half of 2020 year-on-year.

In 2019, Mexico received a record $36 billion, Banxico said.

About 11 million Mexicans live in the United States, according to official estimates and nongovernmental organizations.

Mexico is the leading recipient of remittances in Latin America.

…Aug. 26, 2020