Ruby
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Mexico on pace to receive $50 billion in 2021; money from abroad.
The World Bank and Bank of Mexico (Banxico) data show Mexican families received $42.17 billion in remittances through the first 10 months of 2021, most of it coming from the U.S. That’s already higher than the $40.61 billion received in all of 2020 and a 25.6 percent increase over the preceding 10-month period.
The bank announced a bigger-than-expected increase to borrowing costs last week, following four straight quarter-point hikes, in an effort to combat skyrocketing inflation. Diaz de Leon, who leaves office at year-end, said policy makers are navigating “uncharted territory” and shouldn’t constrain themselves before future decisions.
In October alone, Mexicans abroad sent $4.8 billion home, mostly through electronic transfers and money orders, according to Banxico. The president of Mexico on Dec. 1 said he expects Mexico will have received $50 million in remittances by year’s end.
The World Bank and Bank of Mexico (Banxico) data show Mexican families received $42.17 billion in remittances through the first 10 months of 2021, most of it coming from the U.S. That’s already higher than the $40.61 billion received in all of 2020 and a 25.6 percent increase over the preceding 10-month period.
The bank announced a bigger-than-expected increase to borrowing costs last week, following four straight quarter-point hikes, in an effort to combat skyrocketing inflation. Diaz de Leon, who leaves office at year-end, said policy makers are navigating “uncharted territory” and shouldn’t constrain themselves before future decisions.
In October alone, Mexicans abroad sent $4.8 billion home, mostly through electronic transfers and money orders, according to Banxico. The president of Mexico on Dec. 1 said he expects Mexico will have received $50 million in remittances by year’s end.
