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Remittances Continue To Bolster Economy

MEXICO
  • Funds that were sent home by Mexicans, mainly living in the US, totalled $5.36 billion in October, beating analysts’ estimates of $5.11 billion and a previous record of $5.3 billion in July, according to central bank data published on Thursday.
  • Despite remittances registering a 30-month consecutive upward streak, since May 2020, BBVA note that the inflation in basic basket products (+8.4% in October 2022) and the MXN strength against the US dollar have stagnated the growth of remittances in real terms. They only increased 0.1% in October.
  • At BBVA Research, they estimate that remittances to Latin America and the Caribbean could grow more than 12% by the end of 2022 and add a flow of 146 billion dollars, higher than the 4.4% projected in mid-year by the World Bank.
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