Fears over United States President Donald Trump’s policies on immigration and other themes drove remittances to an all-time high in 2017.
Mexicans working abroad, mostly in the United States, sent US $28.771 billion to Mexico, an increase of 6.6% over the 2016 figure of $26.993 billion, according to the Bank of México.
In December alone, remittances totaled $2.604 billion, up 11% over December 2016.
A picture illustration shows Mexican pesos and U.S. dollars banknotes in Mexico City July 6, 2015. REUTERS/Edgard Garrido
The majority of the remittances were made via electronic transfer, of which there were 93.42 million, an increase of 2% over the year before.
The average remittance amount was $308.
Economist Alejandro Cervantes of the financial services company Banorte said several factors influenced the increase in remittances, including Trump’s immigration rhetoric, the peso’s decline in value and high employment in the United States.
Cervantes explained that many consider the transfers as a form of savings, and sent more money home fearing deportation.
The state of Michoacán led in terms of remittance amounts at $2.915 billion. Jalisco was second with $2.797 billion, followed by Guanajuato with $2.559 billion.
Source: El Universal
