Between July 2022 and July 2023, the Mexican peso (MXN) has appreciated 17.4% against the US dollar (USD), and inflation registered in Mexico was 4.8%. Thus, remittances in real terms have lost 16.0% of their purchasing power in one year.
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August 1, 2023
Mexico | Remittances total 30.2 billion USD during the first half, +9.9% at an annual rate
Chiapas registers an annual growth in remittances of more than 50% and is already the fourth state with the highest income from these resources. San Cristobal de las Casas is already the municipality where most remittances are received in the country.
We estimate that about 10% of the increase in transactions to send remittances in May is explained by the effect of "Mother's Day." The remittance that is sent to the mothers is, in general, less in amount than the remittance that is sent regul…
With falling inflation and a strong peso, we expect Banxico to start a rate cut cycle in 4Q23 to avoid an additional increase in the already very high ex-ante real rate
Despite the increase in remittances in dollars, households in Mexico received 9.7% fewer resources in real terms in April, explained by: 1) the appreciation of the peso against the US dollar of 9.8% between April 2022 and April 2023, and 2) an …
May 2, 2023
Mexico | Will Financiera para el Bienestar pay the remittances from Banco del Bienestar?
Banco del Bienestar stops paying remittances in 1,379 municipalities: in 928 (67%), Financiera para el Bienestar has a branch; in 325 (24%) there is a bank branch, correspondent or store to collect them; and in 126 (9%) there is no other payment point, the recipients would have to move to another municipality.
This week the inflation rate for the first half of April was announced. It was a good number that confirms that the disinflationary process in Mexico is underway.
In this document we present, on a monthly basis, a summary and analysis of the most relevant developments and publications in Mexico's financial regulatory landscape.
Banco del Bienestar leaves the remittance market. The gradual loss in its market share could partly explain this decision: in 2018 it was 4.1%, and in 2022 it was 2.4%. Households in rural and semi-rural areas may be the most affected, since th…
From its lowest point, in 2013, to 2022, remittances to Mexico have grown a total of 162.3%, positioning it as one of the main sources of foreign currency for the country. Thus, an important question to analyze is: Does Mexico receive more curr…
February 1, 2023
Mexico | Remittances achieve a record of 58,497md, doubled their amount in just 6 years
98.9% of the remittances arrived in Mexico through electronic transfers, 95.5% came from the United States and 82.3% were paid in non-banking institutions. Jalisco, Michoacán and Guanajuato were the states that received the most remittances, each exceeding 5 billion dollars in 2022.
January 2, 2023
Mexico | Remittances will close 2022 at a record high (58.4 billion), grew 3% in November
Mexico consolidates as the second country that receives the most remittances, it will surpass China by more than 7 billion dollars, which is in third position in 2022. Despite the adverse economic conditions, the World Bank forecasts that world remittances will increase 2.7 % in 2023.