MEXICO CITY, Mexico—Remittances to Mexico hit a new monthly record of just under $5.7 billion in May.
Most of the money sent to Mexico in remittances comes from the United States, where millions of Mexicans live and work, Mexico News Daily noted.
The Bank of Mexico (Banxico) reported that $5.69 billion in remittances flowed into the country in May, an increase of 10.7% compared to the same month of 2022.
The dollar amount for May is the highest for any month since remittance records were first kept in 1995. The previous record was $5.36 billion, set in October last year, Mexico News Daily said.
A Mother of a Boost
The month-over-month increase in remittances was 13.8%, with Mother’s Day on May 10 helping to boost inflows of money from Mexicans working abroad, according to analysts at the Monex financial group and the banks BBVA and Banco Base.
“Mexican migrants … send additional amounts of money this month so that women who are mothers … can buy a present or save the money,” said BBVA México senior analyst Juan José Li Ng.
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