Remittances sent to Mexico rose to their highest-ever level for the month of February since records began in 1995, per central bank data released by the Mexican government in early April.
Per Pymnts.com, remittances to America’s southern neighbor in February totaled $3.174 billion, compared to $2.732 billion during the same month last year.
Experts offered various reasons for the upward trend, including that Mexican immigrants sending the money had “continued to work throughout the pandemic, with particular highs in the agricultural and construction sectors.”
Most of Mexico’s remittances are sent by the millions of Mexicans living in the United States and are a pillar of support for Latin America’s second-largest economy.
This article was written by and originally published on PYMNTS.
