By: GUILLERMO CASTAÑARES, El Financiero – 10/01/2020
- Remittances maintain their strength despite the pandemic.
- According to data from the Bank of Mexico (Banxico), remittances in the period from January to August 2020 were $26,395 billion dollars.
The sending of money by compatriots to Mexico increased 9.3 percent August 2020, and thus maintaining the good pace presented despite the global pandemic due to coronavirus.
According to data from the Bank of Mexico (Banxico), remittances in the period from January to August of the current year were $26,395 billion dollars, compared to $24,138 billion dollars registered during the same period last year .
On the eighth month of the year, $3,574 billion dollars were sent by Mexicans in the U.S., which implied an increase of 5.3 percent compared to the $3,393 billion dollars sent the same month of 2019.
Alberto Ramos, chief economist for Latin America at Goldman Sachs, said it reflects the stimulus fiscal support in the United States, as well as a more competitive exchange rate.
"The generous fiscal transfers to support relatives from the US, a very competitive exchange rate and a deep contraction in activity and employment in Mexico may have acted as drivers of remittances," he said.
The manager added that the solid flows of remittances to the country have been adding support to the current account and private consumption, in particular for low-income families, who have a high propensity to consume and are the recipients of such transfers.
By: GUILLERMO CASTAÑARES, El Financiero – 10/01/2020
