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
Mexico’s Covid Tzar Hugo Lopez-Gatell calls mask-wearers “egotistical”
MEXICO CITY (AP) — The Mexican.
Mexico’s corn imports are on track to break annual record
Mexico’s imports of corn, mostly from.
SEDENA awards contract to presidential aide’s firm
Mexico’s Ministry of Defense awarded last.
In the middle of the night, a man drowned at the Chelem Ría in Progreso, Yucatan
Progreso, Yucatán, (October 16, 2021).- Due.
“Asociación de Cantineros” emerges strong in Merida
As a response to what they.
8-year-old girl suffers burns in Uayma, Yucatán and is urgently taken to a Texas hospital
Michou and Mau Foundation helps with.
Spectacular Blood Moon will be visible in Yucatan on October 20th
MÉRIDA, Yucatán, (October 16, 2021).- The.
Inclusive Entrepreneurship Fair will be held in December at Mérida´s ADO CAME former bus station
MÉRIDA, Yucatán, (October 16, 2021).- Work for.
Shooting at the Mexico City International Airport, 1 dead and 2 injured
Eduardo Beaven was preparing to make.
La Palma volcano unleashes ‘lava tsunami’
6,800 people evacuated as eruption becomes.