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In November 2023, remittances to Mexico had an increase of 1.2%, for the month of December it was 2.2%, during the first month of 2024 they increased by 3.1%, and the last data, which corresponds to the month of February, was of 3.7%. Thus, in the last 4 months they have averaged increases of 2.6% at an annual rate.
This first rate cut marks the start of a long and gradual easing cycle that will most likely keep the monetary policy stance restrictive throughout this year and next even if Banxico cuts the policy rate without skipping any meeting in the remainder of the year and in 2025.
Banxico’s board had already signaled that a rate cut next week was likely. We think that is a done deal following this month’s inflation prints. We expect Banxico to cut the policy rate by 25 bps, to 11.00%. The focus will be on the signals abo…
Why was the Depp v. Heard trial held in Virginia? Both Johnny Depp and Amber Heard are not residents of the state of Virginia, they do not have their tax domiciles, companies or homes in the entity and they did not spend part of their marriage …
This observatory contains the update of remittances that was presented on March 1, 2024 by the Bank of Mexico and it contains information related to the levels of poverty of the population that lived in households that received remittances, wit…
A key change in the forward guidance signals that Banxico is getting ready to start a rate cut cycle as “in the next monetary policy meetings, it will assess, depending on available information, the possibility of adjusting the reference rate.”
Banxico is set to hold the policy rate at 11.25% at this meeting amid core services inflation stickiness, but will likely continue to pave the way to cut it as soon as in the following meeting in March.
In December 2023, 5,490 million dollars in remittances entered Mexico, which represented an increase of 2.1% compared to December 2022. With this data, the total income from remittances in the country during 2023 was 63,313 million dollars, tha…
Mexico's dependence on remittances reached a maximum of 4.0% of GDP in 2022. It is estimated that remittances would represent 3.5% of GDP in 2023 and by 2024 they will reach 3.7%. The appreciation of the Mexican peso (MXN) against the US dollar…
Although we continue to think that Banxico should not skip rate cuts at any meetings next year, its cautiousness, hawkishness, and recent hints suggest that consecutive rate cuts are unlikely at the start of the gradual easing cycle.
Remittances to Mexico increased by 8.4% in the month of October 2023, reaching 5,812 million dollars (md) and marking a record in the receipt of these resources. Thus, they have had a streak of 42 consecutive months with growth, starting in May 2020.
We will learn this month about the last monetary policy decisions of the year in Mexico and the United States. The announcements from the central banks will be crucial for analysts, market participants, and the general public to obtain a clearer understanding of the direction monetary policy will take in 2024.
