Published on Monday, May 4, 2020 | Updated on Thursday, May 7, 2020

Mexico | Record amount of remittances in a single month:USD 4,016 million in March (35.8%)

Documents Copy link Read later Library Authors

Immersed in the global crisis by Covid-19, remittances to Mexico reached a record of 4,016 million dollars in March. This is equivalent to a 35.8% growth, an increase not seen for 16 years. The sudden increase is partly explained by the strong appreciation of the US dollar against the peso, which increased by 25%.

Key points

Key points:
Amid the global Covid-19 crisis, remittances to Mexico reached a record high, reaching 4,016 million dollars in the month of March. This is equivalent to a 35.8% growth compared to the same month the previous year, an increase not observed for 16 years.
This unusual growth in remittances in March was not observed in other countries with significant diasporas in the United States, such as Guatemala and El Salvador.
The sudden increase in remittances is partly explained by the strong appreciation of the US dollar against the peso, which increased by about 25% in March.
In Jalisco, Campeche, Mexico City and Baja California remittances grew more than 25%.
The municipalities of Tijuana, Guadalajara, Puebla, Morelia and Álvaro Obregón received more than 100 million dollars for remittances in the first quarter of 2020.