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.
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
more recommended stories
AMLO says PEMEX will increase its oil production by the year 2024
Mexican state oil company Pemex is.
Mauricio Vila delivers new vehicles and equipment to the State Public Security Secretariat
Merida Yucatan; May 24, 2019.- Governor.
“Yucatan is an exceptional state when it comes to public safety” (Federal Secretary of Security and Citizen Protection)
“Yucatan is an exceptional state when.
Does Tulum really need a new one thousand-room hotel?
New “Hotel Internacional” in Tulum will.
American Expats say money they had at Monex is gone and the bank isn’t helping them
In late December, Kathy Machir called.
25 countries confirmed to attend “Sargasso Summit” in Cancun
Cancún, Quintana Roo – 25 countries.
Facebook takes down billions of fake accounts
Facebook took down 2.2 billion fake.
Trump orders intel agencies to assist with review of “Russia probe”
Looks like “investigating the investigators” has.
British Prime Minister Theresa May announces resignation
“I tried three times. I believe.
Governor Mauricio Vila Dosal supervises maintenance works on the Mérida-Progreso highway
Governor Mauricio Vila Dosal supervised the.