The remittances to Mexico, one of the main sources of foreign exchange of the country, fell in August for the fifth consecutive month, weighed by a decrease in the number of shipments and in the average amount of operations.
The capital received decreased by 8.3% year -on -year to 5,578 million dollars, according to a report published Wednesday by the Central Bank. The figure is, however, higher than July and the highest since October.
The number of operations – mainly of the United States – decreased in the eighth month of the year by 7.2% annually to 13.9 million transactions, as well as the average amount in order, which fell 1.2% to 402 dollars.
The remittances as of August contracted 5.9% per year to 40,467 million dollars, added the Central Bank.
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The decline streak has coincided with the return to power in January of President Donald Trump, who has hardened migratory policies, with greater border controls and raids against undocumented immigrants who work in the United States and send money to their families in their countries of origin.
“The negative effects associated with anti-migratory policies will continue to weigh in the short term, highlighting its impact on the labor market of that country,” said Banorte on Wednesday in an analysis note. Although he added that he does not rule out that shipments to Mexico take impulse again at the end of the year.
Mexico is one of the nations of the world that receives the most money for that concept, although this important cash entry has also been in the spotlight for the use of Mexican drug cartels to send its illicit earnings from the United States.
With Reuters information.
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