Moving Up the Economic Ladder: 20 Years of Financial Inclusion of the Mexican Migrant Community in the U.S. A joint publication between the University of California San Diego, Sin Fronteras IAP, the Financial Education department at BBVA México and BBVA Research.
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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.
In the month of September, Mexico received 5,613 million dollars in income from remittances, +11.4% in annual terms. Remittances have had a streak of 41 consecutive months with growth and have maintained a streak of five continuous months with …
Despite these important flows, inflation and, mainly, the appreciation of the Mexican peso against the US dollar have led to households in Mexico receiving 12.6% fewer remittances in real terms in August.
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.
Book edited by BBVA Research, BBVA Foundation and the National Population Council (CONAPO) made up of 10 chapters that addresses the main statistics on the multiple migratory flows and human mobility, and remittances at a global level, with an emphasis on Mexico.
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…
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 …
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 paymen…
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 they will spend more on transfers to collect them in other municipalities.
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 currency flow through remittances or through Foreign Direct Investment?