Remittances to Mexico Reach Six-Year High Mario Alberto Verdusco - El Universal
go to original December 2, 2014

According to experts, the depreciation of the Mexican peso against the dollar contributed to the increase, because there is an incentive to send more money. (Joe Raedle/Getty Images)

Between January and October, Mexico received 19.62 billion dollars in remittances.

Remittances to Mexico totaled 19.62 billion dollars between January and October 2014, a six-year high, the Bank of Mexico (Banxico) said.

According to experts, the depreciation of the Mexican peso against the dollar contributed to the increase, because there is an incentive to send more money. Each Mexican living abroad sent US$290 dollars in average, five dollars more than in the same month a year earlier.

The World Bank expects Mexico to receive around 24 billion dollars by the end of this year, which would turn the country into the fourth largest global recipient of remittances behind India, China and the Philippines.

See the original at El Universal

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