LatinNews Daily - 2 April 2025

*Mexico’s central bank (Banxico) has released new figures which show that Mexico received US$4.46bn in remittances in February 2025, down 0.8% year-on-year. This compares with US$4.66bn in January 2025 which represented a 1.9% rise year-on-year. Total remittances to Mexico in 2024 amounted to US$64.75bn, up 2.3% on 2023. Writing on social media in response to the figure for February – the first full month that US President Donald Trump had been in office – Gabriela Siller, the head of economic analysis at Mexican private bank Banco Base, attributed the fall to three factors. These are: the deterioration of the labour market in the US (the source for the majority of remittances sent to Mexico): the depreciation of the Mexican peso; and the fear of migrating due to the possibility of being deported in response to the hardline policies being enacted by the Trump administration.

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