MEXICO CITY, Mexico—Mexico could receive a record $40 billion in remittances in 2020, which will help drive domestic economic recovery, Mexico President Andres Manuel Lopez Obrador said.
"Remittances continue to grow, despite the pandemic. This year we are going to receive record remittances, I estimate around $40 billion, and that goes to 10 million Mexican families," stated Lopez Obrador, according to a Daijiworld.com report.
Remittances from Mexicans working abroad, mainly in the U.S., are "the country's main source of foreign currency," said the president, adding the resources help promote consumption in smaller towns, which are the main recipients of remittances.
According to Banxico, the central bank of Mexico, remittances grew 10.6% in the first half of 2020 year-on-year. In 2019, Mexico received a record $36 billion, Banxico said.