Remittances to Mexico rebound in November after two months of contraction

It was their biggest percentage jump since June, when they rose 11.1%. In September, remittances fell 4.6% and in October they decreased 1.6%.

The number of operations – coming mainly from the United States – increased 7.6% in the period, to 13.7 million transactions. Meanwhile, the average amount per order grew 2.8%, to $397.

In accumulated figures, remittances increased by 2.9% year-on-year between January and November, to 59,518 million dollars, the central bank said.

Mexico, which in 2023 broke the historical annual record for remittances received with 63,313 million dollars, is the second country in the world that receives the most money for this concept, according to the World Bank.

However, this important influx of cash has also been taken advantage of by Mexican organized crime groups, who use it to send their illicit profits from the United States.