Fears of economic crisis reduces remittances to Mexico
2023.01.02 15:13
Fears of economic crisis reduces remittances to Mexico
Budrigannews.com – After a string of record months, foreign remittances to Mexico fell to $4.8 billion in November, according to data released on Monday by the Mexican central bank, raising concerns about a global economic slowdown.
Since May, Mexico had received more than $5 billion in remittances for six straight months, reaching a record of $5.36 billion in October. November saw a seasonally adjusted monthly decrease of 3.9%, but it still increased by 3% annually.
Mexican President Andres Manuel Lopez Obrador has been serious areas of strength for an of settlements amidst feeble homegrown financial development and high expansion.
Whether or not the slowdown in remittances in November will impede overseas assistance for Mexican families remains to be seen.
In November, approximately 12.2 million remittances were received, the majority of which came from the United States, at an average cost of $393.
Settlements from January through November rose 13.5% yearly to a sum of $53.1 billion, the national bank said.
By the end of 2022, Lopez Obrador had predicted that remittances would reach $60 billion.
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