According to the report of the Bank of Mexico (Banxico) published this Tuesday, the sending of money from abroad last January was 3 thousand 930.8 million dollars, which represents a growth of 19.6% compared to the previous year, since during the same month of 2021 the remittances reached 3 thousand 287.4 million dollars.
Through a statement, Banxico detailed that in January 2022 almost 10.6 million operations were registered, mostly through Wire transfersand the average remittance amount was 371 dollars, which represents an increase of 8.3 percent compared to 2021.
“In January 2022, 98.6% of total income from remittances was made through electronic transfers, accounting for 3,875 million dollars. On the other hand, remittances made in cash and kind and money orders represented 1.0 and 0.4% of the total amount, respectively, showing levels of 39 and 17 million dollars, in the same order”, he highlighted.
How was the increase in remittances to Mexico?
While the remittances sent by residents in Mexico abroad were located at 81 million dollars, which originated from 168 thousand operations, with an average shipment of 481 dollars. The figure for January 2022 was similar to that observed in the same month of 2021.
“The accumulated flow of remittances sent abroad by residents in Mexico in the last twelve months (February 2021 – January 2022) was 1,057 million dollars, equal to the accumulated flow to twelve months of last December (January 2021 – December 2021). ”, he pointed out.
As we have mentioned in other informative notes from AmericanPost.Newsthe Bank of Mexico specified that said result was derived from the combination of an annual growth of 3.4% in the number of transfers and a decrease of 3.3% in the value of the average remittance.
“With these results, the surplus of Mexico’s remittance account with the rest of the world was 3,850 million dollars, higher than the 3,207 million dollars that was reported in the same month of 2021,” Banxico specified.
The central bank of Mexico detailed that, with figures adjusted for seasonality, in the first month of 2022 remittance income increased at a monthly rate of 1.3%, while remittance outflows fell at a monthly rate of 8.9%.
In this way, in January 2022 the remittance account surplus stood at 4,662 million dollars, higher than the 4,594 million dollars that occurred in December 2021.
Regarding the accumulated figures for the last twelve months, the Bank of Mexico reported that the accumulated flow of income from remittances in the last twelve months (February 2021 – January 2022) was 52,229 million dollars, greater than the flow accumulated to twelve months registered last December of 51,586 million dollars (January 2021 – December 2021).
In this way -highlighted the Bank of Mexico- the surplus of the remittance account for the last twelve months (February 2021 – January 2022) reached 51,172 million dollars, higher than the accumulated twelve months in December 2021 of 50,529 million dollars (January 2021 – December 2021).
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