The mexican homes recipients of remittances received 4,680 million dollars in March according to information from the Bank of Mexico.
The flow of transfers exceeded by 12.6% the shipments made by displaced Mexican workers in the same month of the previous year, when a record was also registered with the entry of 3,909.98 million dollars.
In addition, this entry of the so-called mimigradollars exceeded the 3,910 million that entered in February and becomes the first month of the year where the monthly amount of reception of 4,000 million dollars is exceeded.
The strength in the flow of remittances is explained by “the generous fiscal transfers to support salaries in the United States; a competitive level of the peso against the dollar and the deep contraction of economic activity and employment in Mexico”, warned from New York the economist for Latin America in Goldman Sachs.
According to updated information from the central bank, during the first trimester of the year, the accumulated amount of remittances totaled 12,521 million dollars. A figure that also exceeded the 10.615 million dollars raised in the same period last year.
The strategist agrees with experts from the International Monetary Fund (IMF) that in the past Spring Meetings warned of the risk of a slowdown in the flow of remittances, driven by a slowdown in economic activity in the United States, a lower purchasing power in that country, as a result of internal inflation and the effect of comparison with the historical 2021.
Exchange effect
According to the Goldman Sachs expert, the strengthening of the peso against the dollar in March and inflation limited the foreign exchange gain of households receiving remittances.
Given an appreciation of 0.9% of the peso against the dollar in annual comparison, remittances increased only 3.9% in pesos and in real terms.
As experts from the Center for Monetary Studies of Latin America (CEMLA), remittances are received in Mexican pesos, the remitter exchanges the original dollars for pesos and that is how they enter the Mexican system.
Wire transfers
The data released by the central bank show that the average amount of remittances received by receiving families amounted to 393 dollars, a turnaround that strengthened from the average 339 dollars that entered in December.
Detailed information from the central bank shows that remittances that entered Mexico during March did so in 11.9 million operations, confirming three consecutive months of acceleration since December, when 10.8 million transactions were made.
The official data of Banxico showed that during the third month of the year, only 1.3% of the so-called “migradollars” entered in cash and in kind. This means that 65 million dollars of the 4,680 million received in March, were sent in cash or in kind.
erp