In the fifth month of the year, Banxico reported 13.6 million transactions, with an average transfer of 380 dollars.
98.8% of total income from remittances was made through electronic transfers, reaching a level of 22,150 million dollars.
Remittances made in cash and kind and money orders represented 0.9 and 0.3%, respectively.
A Monex analysis pointed out that seasonal factors play in favor of remittances in May, so they are historical amounts, but there is still bad news ahead.
“In 2021 the average advance was 27.3% per year and so far this year, every month, except for February, has had rates below 20%, which reveals the pattern of slowdown that, as in several other fronts, is gaining strength as of this second quarter”, highlights the report.