Home Business-newBusiness Remittances sent to Yucatán reach new record high

Remittances sent to Yucatán reach new record high

by Yucatan Times
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According to Banco de México, they totaled 4.78 billion pesos during the third quarter.

(MÉRIDA, Yucatán – Banxico) – Remittances sent to Yucatán by countrymen working mainly in the United States totaled 239.7 million dollars (four thousand 780 million pesos at December 24th exchange rate) during the third quarter of this year, which is expected to be the best in the last four years.

Figures from the Bank of Mexico (Banxico) revealed that this figure represents an increase of 34 percent concerning the 178.1 million dollars reached in the same period last year.

In this context, it is estimated that the economic flow of remittances from abroad will exceed six billion pesos this year in Yucatan. In the January-September period alone, Yucatan received 239.5 million dollars. More than four million dollars less than what was received in the 12 months of 2020.

The main municipalities that continue to “export” paisanos to work in the United States are Mérida, Tekax, Oxkutzcab, Peto, Muna, and Ticul, where most of the resources sent by paisanos arrive. The general director of the Institute for the Development of Mayan Culture (Indemaya), Eric Villanueva Mukul, emphasized that this agency provides attention, advice, and guidance to migrants.

For Yucatecans working in other parts of the world, mainly in the United States and Canada, two fundamental aspects are fundamental: the remittances they send and the link they continue to maintain with their communities, despite the distance, promoting cultural practices abroad. “The remittances that arrive via remittances asignificantant and have become a fundamental issue for the economy of the families that receive them, for the communities, the municipalities, and even for the State,” he noted.

Mexico, the destination of 40% of remittances
According to World Remit, Mexico is the destination of 40% of the money sent from the United States to Latin America. In addition, this company offers international money transfer services in 130 countries worldwide.

According to the company’s forecasts, remittances that the country receives from its emigrants, 90 percent of which originate in the United States, will amount to 53 billion dollars this year.

On the other hand, digital transactions are beginning to gain weight, at least in those originating in the U.S., a symptom that workers are increasingly interested in minimizing the costs of these remittances.


The Yucatan Times

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