Mexico receives 14.5% less remittances in November

Mexico receives 14.5% less remittances in November

After reaching a record in October, family remittances sent to Mexico fell by 14.5% in November. During the eleventh month of the year the sending of money from abroad totaled US$ 2.25 billion, less than the US$ 2.64 billion received the previous month, according to figures from the Bank of Mexico (Banxico).

From January through November, the index saw an increase of 6.15% compared to the same period of 2016, when adding US$ 26.16 billion.

Banxico explained that the average remittance for November was US$ 309, lower than the US$ 317 registered in October and the number of operations in the month was 7.2 million, also lower than the 8.2 million operations in October.

Despite the monthly and annual decline, Banxico forecasts that remittances to Mexico will close 2017 with a new historical maximum close to US$ 28.6 billion.



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