Mexico's main source of income is remittances: AMLO

06/01/2021

"This is what is confirmed until November, but our projection is that we will reach more than 40 billion dollars (in remittances). This means 900 billion pesos, it is the main source of income for our country," the president said at a press conference.

President Andres Manuel Lopez Obrador said Tuesday that the country's main source of income is remittances. The president calculated that, if those 900 billion pesos reached 10 million families in the country, each one would have an average of 350 dollars (about 6,900 pesos).

"It means a very important economic income," he assured. "That's why we didn't lose consumption (during the economic crisis due to the Covid-19 pandemic).

López Obrador added that in 2020, according to his projections, Mexico will reach 40 thousand 574 million dollars in remittances, which would mean an increase of 11.3 percent compared to the previous year.

"Two days ago the Bank of Mexico did not report this figure for November, because there is a delay in the information," he said.

But in the month of November 2020, he assured, 3 thousand 381 million dollars in remittances were received, while in November 2019 they were 2 thousand 925 million dollars. "Only in November there was an increase of 15.6%," he said.

"We estimate that it will be an even higher increase, of 16.3%. But even if it behaves the same as December 2019, we would still reach 40 billion dollars," he said.

Mexico received a record of 36 thousand 945.63 million dollars in remittances between January and November 2020, an increase of 10.88% over the same period in 2019 despite the crisis of the Covid-19, reported Monday the Bank of Mexico (Banxico).

Although December data is still missing, with these figures Mexico already broke the record in remittances received in any year, reached in 2019 by a historical amount of 36 thousand 48 million dollars in the whole year.