2016 Remittances to Mexico Break 2007 Record
Mexico News Daily, February 1, 2017
Remittances from Mexican workers abroad broke a record last year, reaching US $26.97 billion, the Bank of México reported today.
The figure beats the record of $26.058 billion set in 2007 and was 8.8% higher than last year’s figure of $24.784 billion.
The money was sent to Mexico, mostly from Mexicans working in the United States, in the form of 91.97 million transfers.
The average amount of the remittances was $295, up just slightly from 2015.
Analysts had been expecting to see strong growth in the numbers, particularly towards the end of last year and in the first few months of 2017, due to the U.S. presidential election results.
The theory is that Mexican migrants working in the U.S. see a greater possibility of being deported.
President Donald Trump has also threatened to impede the flow of remittances to Mexico.