Remittances to Mexico, one of the main largest sectors of the country’s economy, in May hit their highest level for any individual month on record, according to new figures released by the country’s central bank.
Mexicans abroad sent $3.203 billion in May, or 1.5 percent higher than the $3.156 recorded the same month a year earlier, according to numbers released this week by the Bank of Mexico.
May has historically been one of the highest months for remittances in Mexico, given that it’s the month the country celebrates Mother’s Day. But Gricha Raether, who heads the Mexico City-based remittance payout company Poni, says President Donald Trump’s promises of stepping up deportations has sent a ripple across American households that include undocumented immigrants.
“People are making more sacrifices to send more money so that they can keep the minimum they need to survive in the U.S. and the rest transport it over here,” Raether said. “There’s also the factor of the dollar getting more value in terms of the exchange rates.”
more recommended stories
U.S and Mexico to launch plan against arms smuggling at border
The Mexican government said Monday it.
33 destinations along the coast of Quintana Roo register massive arrival of sargassum
The Sargasso Cancun Monitoring Network reported.
Another exhausted carriage horse collapses, this time in Izamal
The image of a carriage horse.
“Pet of the Year” contest to be held in Mérida
On Friday July 19, registrations to.
Yucatan cenotes to be sanitized with biotechnology
MERIDA, Yucatan (Times Media Mexico) –.
The Mexican Caribbean: 2,000 rooms emptier today than a year ago
CANCUN Quintana Roo (Agencies) – The.
International Monetary Fund cuts growth forecast for Mexico.
AMLO underestimates IMF forecast since, as.
Director Gus Van Sant received the Silver Cross in San Miguel de Allende
“It’s a real pleasure to be.
Tulum, Quintana Roo: Summer Destination Revolution
Just 90 minutes south of Cancun.
Two tourists executed in Petatlán, Guerrero
Two tourists, a man and a.