Mexican remittances reach record $4.15 bln in March

Remittances to Mexico hit $4.15 billion in March, the highest level on record and an increase of 2.6% from the same month last year, Mexican central bank data on Monday showed.

The vast bulk of remittances to Mexico are sent from the United States, whose economic recovery from the coronavirus pandemic is gathering pace, aided by stimulus measures. The cash from abroad has been a major support to the economy under President Andres Manuel Lopez Obrador, who has so far failed to deliver on pledges to ramp up anemic growth. Remittances reached $4.04 billion in March last year, which was the first and only occasion before March 2021 when they had exceeded $4 billion in a single month.

Mexico received record remittances in 2020. It is currently on track to surpass that in 2021, with the sum up 13% during the first quarter from the same period last year.