During August, the average remittance was $407 per shipment, according to data from the Bank of Mexico (Banxico).
For BBVA Research, large fluctuations in the exchange rate of the Mexican peso against the US dollar impact the decisions of Mexicans living abroad.
“By not knowing whether the increases in the exchange rate are structural or temporary, they take advantage of the moment to slightly increase their sending of remittances in dollars so that they translate into a greater relative amount of pesos when collected in Mexico,” he highlights.
In August there was a depreciation of the Mexican peso of 5.4%, so the bank’s analysts were already expecting a significant increase in August.
The number of operations – coming mainly from the United States – increased in the period by 8.2% to nearly 15 million.
The growth of remittances has boosted consumption in recent years, although analysts have expressed fears that this dynamism will dissipate in the following months due to a possible slowdown in the US economy.
