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Published on Friday, July 1, 2022

Mexico | Remittances reach a historical maximum: 5,172 million dollars in May

May is the month that more remittances are generally received, for Mother's Day, 17% more resources are received than other months of the year. The US Supreme Court of Justice determined that President Biden can end the Migrant Protection Protocols (MPP), known as “Remain in Mexico”.

Key points

  • Key points:
  • In line with what was forecast by BBVA Research, remittances exceeded the 5,000 million US dollar barrier for the first time, reaching 5,172 million dollars in the month of May (+14.3%).
  • The reason that explains this growth is the additional resources sent for the "Mother's Day" celebration. May is the month in which more remittances are generally received, 17% more resources are received than other months of the year.
  • Remittances accumulate a streak of 25 consecutive months with annual increases, which began in May 2020, averaging an annual increase of 20.1%.
  • The US Supreme Court of Justice determined that President Biden can end the Migrant Protection Protocols (MPP) program, known as “Stay in Mexico”. Tens of thousands of asylum seekers in the US had to remain in Mexico while their trial lasted.
  • From the beginning of the program, in January 2019, until the end of the Trump administration, in January 2021, more than 71,000 people have been subject to the MPP, the majority from Honduras, Guatemala, Cuba, El Salvador and Ecuador.

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