Cash Remittances to Mexico Set $26B Record in 2017, Says Central Bank

Individuals outside of Mexico who sent money home in 2017 broke all prior records with more than $26.1 billion in 11 months. The latest figures from Mexico’s Central Bank (Banxico) show 2017 being a record-breaking year for receiving remittances by Mexicans abroad. From January to November 2017, Mexicans sent $26,167,00,000, the highest figure to date. In 2016, another record-setting year, Mexicans sent $24.1 billion. Banxico reports that 97 percent of the funds sent to Mexico came through wire transfers. Mexico’s second largest source of income was the export of oil for $18.5 billion in the first 10 months of 2017. -- More...