Manuel Orozco, member of the Financial Services Advisor board and director of the Migration, Remittances and Development Program at the Inter-American Dialogue: “Remittance transfer growth in 2023 will not experience a similar increase from previous periods due to changes in migration and principal sent. Currently, growth stems from three sources: increased migration, higher numbers of Mexicans staying in the United States and increases in the amount sent. First, average annual immigration from Mexico has increased from some 300,000 to more than 500,000 people between 2015 and 2022. Second, Mexicans are staying longer in the United States. Average years per migrant in the United States has increased from 12 to 20 since 2010. Lastly, there has been a 47 percent increase in annual remitter amount sent between 2019 and 2022. Today, the average sender transfers more than $500 per transaction, around 16 times per year. The number of senders has increased by roughly 6 percent since 2020. This year, the trend is slowing because…”