AMLO presumes that remittances to Mexico set a new record between January and November 2022

Remittances to Mexico broke a new record by totaling 53.125 million dollars between January and November, which represented an increase of 13% compared to the same period in 2021, the federal government reported this Friday.

“We think that we are going to be very close to 60,000 million dollars” at the end of 2022, said President Andrés Manuel López Obrador, when presenting the balance at his usual morning press conference.

Money remittances from Mexican workers residing abroad, the majority in USAamounted to 51,586 million dollars in 2021.

“This is the main source of income for our country” for several years, recalled the leftist president, stressing that the resources reach some 10 million families with an average of between 300 and 350 dollars a month.

In addition to the fiscal impact, López Obrador stressed that remittances have become a factor of “tranquility” and “stability” in the context of the pandemic, especially in impoverished sectors that also benefit from government social programs.

According to a report from world Bank (BM) released at the end of last November, the volume of money sent by migrants from Latin America and the Caribbean increased 9.3% in 2022, up to 142,000 million dollars, especially due to the growth of employment in the United States.

However, the report warns that this growth will not be sustained in 2023 due to the economic outlook and inflation.

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