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LatinNews Daily - 5 February 2025

In brief: Remittances to Mexico in 2024 rise despite December decline

*Mexico’s central bank (Banxico) has released new figures revealing that the country received US$5.23bn in remittances in December 2024, marking an annual decline of 4.9%. Despite the year-end slowdown, total remittances for 2024 reached US$64.75bn, surpassing the US$63.32bn received in 2023 and reflecting a 2.3% annual increase. Remittance outflows also grew, with US$1.31bn sent abroad in 2024, up from US$1.08bn the previous year – an increase of 21.6%. According to the World Bank, Mexico remains the world’s second-largest recipient of remittances.  The vast majority of remittances to Mexico are sent from the US.

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