Mexico’s central bank has released figures showing that remittances entering Mexico in 2012 totalled $22.446 billion, 1.57% less than the $22.803 billion recorded in 2011. [All figures in US dollars.]
The central bank registered 71.62 million remittance movements in 2012, 2.52% more than the year before. The average remittance fell by about 4% from $326 in 2011 to $313 in 2012.
The state receiving most remittances was Michoacán which accounted for $2.209 billion, almost 10% of the total.
Remittances are the second largest source of foreign exchange after oil and gas revenues and are a vital source of funding for millions of people.
- Mexican migrants and remittances: an introduction (with dozens of links to other posts)