The Bank of Mexico reported that in the period January-August 2022, the value of income from remittances was $37,934 million dollars, an amount higher than the $32,941 million dollars reported in the same period of 2021 and which meant an annual advance of 15.2%
The Bank of Mexico (Banxico) announced that income from remittances from abroad stood at $5,122 million dollars in August 2022, which implied an annual growth of 7.9%.
On the other hand, remittances sent by residents of Mexico abroad showed an annual decrease of 4.9%, standing at $89 million dollars.
With these results, in August 2022 the surplus of Mexico’s remittance account with the rest of the world was $5,032 million dollars, higher than the $4,655 million dollars registered in the same month of 2021.
According to Banxico, in August 2022, income and expenses from remittances presented monthly reductions of 5.8% and 2.2%, respectively. Thus, the surplus of the remittance account stood at $4,668 million dollars, less than the $4,959 million dollars observed in the previous July.
Regarding the figures accumulated in the period January – August 2022, the value of income from remittances was $37,934 million dollars, an amount higher than the $32,941 million dollars reported in the same period of 2021 and which meant an advance annual rate of 15.2%.
Banxico points out that during the first 8 months of 2022, 99.0% of total income from remittances was made through electronic transfers, which stood at $37,552 million dollars. For their part, remittances made in cash and kind and money orders represented 0.7 and 0.3% of the total amount, respectively, amounting to $267 and $115 million dollars, in the same order.
Banxico announced that in the last twelve months (September 2021 to August 2022), the accumulated flow of income from remittances reached $56,579 million dollars, higher than the accumulated twelve-month flow registered in the previous July of $56,206 million dollars (August 2021 to July 2022).
Regarding remittances sent abroad, the accumulated flow in the last twelve months (September 2021 to August 2022) was $1,126 million dollars, compared to the flow of $1,131 million dollars last July (August 2021 to July 2022).
In this way, the surplus of the remittance account for the last twelve months (September 2021 to August 2022) registered a level of $55,453 million dollars, higher than that reported in the previous July of $55,075 million dollars (August 2021 to July 2022) .