LatinNews Daily - 02 February 2023

In brief: Mexico receives record remittances in 2022

* Mexico’s central bank (Banxico) has released new figures which show that the country received US$5.35bn in remittances in December 2022, up 12.8% on the same month in 2021. This brings the total amount of remittances received in 2022 to US$58.49bn, up 13.4% on the amount received in 2021 (US$51.58bn). A report released yesterday by BBVA Research, the economic research department of Spain’s BBVA bank, highlights that the figure for the whole of 2022 doubles what was received in 2016, six years ago. It highlights that 98.9% of the remittances arrived in Mexico through electronic transfers, 95.5% came from the US and 82.3% were paid in non-banking institutions, while Jalisco, Michoacán and Guanajuato were the states that received the most remittances, each exceeding US$5bn in 2022. The same report highlights that Tijuana municipality (Baja California state), Guadalajara (Jalisco) and Morelia (Michoacán) were the municipalities that received the most remittances in 2022, receiving US$753m, US$631m, and US$597m, respectively.

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