LatinNews Daily - 2 November 2023

In brief: Mexico on track for record remittances

* Mexico’s central bank (Banxico) has released new figures which show the country received a record US$47.07bn in remittances during the first three quarters of 2023, a 9.5% increase on the US$42.98bn received in the same period of 2022. Banxico’s data also shows that remittances in September totalled US$5.61bn, a year-on-year increase of 11.4%. There were 119.38m remittance transactions between January and September (a yearly increase of 8.4%) with the average individual remittance amount equating to US$394 (a yearly increase of 1.1%). During his daily morning press conference on 1 November, President Andrés Manuel López Obrador noted that “this year it is estimated that Mexico will exceed US$63bn in remittances”, which he said was “an unprecedented record”. This would surpass last year’s total of US$58.5bn – the current record – by some US$4.5bn, or 7.7%.

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