Photo: BBVA

By THE PULSE NEWS MEXICO STAFF

The flow of economic remittances into Mexico by migrants working abroad grew by 18.47 percent annually compared to the same period last year, to a total of $13.911 billion, during the first quarter of 2022, the Central Bank of Mexico (Banxico) said Monday, May 2.

This figure represents the highest increase during a similar period in 16 years, Banxico said.

Banxico also said that there has been a rise of 10.61 percent per annum in the number of operations (to 35.70 million, a record level), along with an increase of 7.11 percent in the average amount of each remittance.

In March, however, Mexico received $4.574 million in family remittances, 2.09 percent less than in the immediately previous month.

The decrease in the value of remittances reported in March was mainly the result of a setback of 2.56 percent in the number of operations, which coincided with a slower pace of growth in the value of money transfers, Banxico said.

The average amount of remittances was $393 during March, only 0.48 percent more than in the previous month, when the increase was 1.70 percent.