(REUTERS).- Remittances to Mexico jumped almost 40% in April, posting the sharpest increase in nearly two decades after taking a hit at the outset of the coronavirus pandemic last year, Mexican central bank data showed on Tuesday.
The cash sent from abroad reached $4.05 billion in April, a rise of 39.1% from $2.91 billion the same month in 2020, when uncertainty sparked by the pandemic dented the flow of transfers. The percentage jump was the biggest since 2003.
Mexicans abroad, mostly in the United States where the economy has benefited from stimulus measures, began increasing aid to families after the April 2020 dip.
Those transfers drove remittances to new heights, including the March 2021 record of $4.15 billion.
Mexico’s economy has depended heavily on remittances as President Andres Manuel Lopez Obrador struggles to deliver on promises to energize growth.
Mexico is currently on track to surpass its record 2020 year for remittances, after the sum increased 19.1% in the first four months of 2021 compared with the year-earlier period.
Analysts from bank Banorte estimated that remittances could be up 10% at year’s end.
“The conditions that have supported the recovery of the United States economy remain in place, which in turn are beneficial for the outlook on remittances,” Banorte said in a report.
Source: Reuters
Comments
more recommended stories
Valladolid, Yucatan and Valladolid, Spain strenghten ties at Madrid’s FITUR 2022“Valladolid has enormous development potential, which.
A truck driver drives 20 km in the opposite direction in the Mérida-Cancún Hwy (Watch Video)During its journey, the truck almost.
Mauricio Vila to watch closely the Maya Train Project construction works in YucatanGovernor Mauricio Vila Dosal held a.
Morelos Governor Cuauhtémoc Blanco denounces narco-political network in the stateLots of politicians have ties to.
Villa María and its cenote, the natural attraction inside the historic center of MéridaOnly three known cenotes remain within.
-
Yucatan beekeepers position the state in first place nationwide in honey production
Among the Maya inheritances that Yucatan.
Vila and Fonatur Director reaffirm their commitment to continue promoting projectsVila Dosal and the federal official.
Mexican Navy will take control of the security at Mérida AirportThe Mexican Navy (SEMAR) will be.
Yucatan Restaurant Sector severely affected by the unstoppable price increaseThe restaurants are resisting this increase.
Expansion of the Electric Network in Chelem, YucatanProgreso City Council, will expand the.
Leave a Comment