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LATIN AMERICA ADVISOR

Financial AMERICA ADVISOR

A daily publication Of the dialogue

July 12, 2022

Why Do Remittances to Mexico Continue Breaking Records?

Mexico’s level of remittances grew in May to $5.17 billion, a new monthly record. // File Photo: Mexican Government.

Q

A

Manuel Orozco, member of the Financial Services Advisor board and director of the Migration, Remittances and Development Program at the Inter-American Dialogue: “Remittances to Mexico will increase 18 percent in 2022, almost as much as the region’s 14 percent projected growth. The case of Mexico is one about a continued migration uptrend that has shown signs of increase since 2018. By 2022, the U.S. Department of Homeland Security is expected to reach nearly 900,000 apprehensions of Mexicans, with the first six months of this year showing a 30 percent increase from 2021. Overall new migration, additional to legal authorized entries through H2 visas and family unification, will add 350,000 Mexicans, 70 percent of whom will send money, in 2022. In addition, the average amount sent among all Mexican migrants is at least 3 percent more than the year before. Together with new migrants, they are contributing more than $60 billion annually, or 4.75 percent of Mexico’s national income, in remittances. Finally, many Mexicans who would have returned to Mexico are staying…”

Top News

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ABOUT THE financial services ADVISOR

Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Ernesto Armenteros
Vice Chairman
of the Board,
Banco de Ahorro y Credito Union

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

Richard Child
CEO,
Mattrix Group

Michael Diaz
Partner,
Diaz, Reus & Targ, LLP

Ernesto Fernández Holmann
Chairman of the Board,
Ayucus

Desiree Green
Vice President,
Int’l Gov’t Affairs,
Prudential Financial

Earl Jarrett
Deputy Chairman & CEO
The Jamaica National Group

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

Thomas Morante
Attorney,
Carlton Fields

Manuel Orozco
Senior Fellow,
Inter-American Dialogue

Adalberto Palma Gómez
Senior Partner,
Aperture SC

Rodolfo Pittaluga
Adjunct Professor,
Florida International University
College of Law

Roberto Teixeira da Costa
Founder & Board Member Emeritus, CEBRI

Mario Trujillo
CEO,
DolEx Dollar Express

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