Remittances to Mexico climb 11.2% year on year in February

MEXICO CITY (Reuters) – Remittances to Mexico from abroad jumped 11.2% year on year in February, while dropping from the prior month, according to data published by the countrys central bank on Monday.

Remittances hit $4.3 billion in February, down from the $4.4 billion sent in January.

The number of transactions, made mainly from the United States, increased in February by 10.9% year on year, while the average amount per transfer grew 0.3% to $375.

In the first two months of 2023, remittances reached $8.9 billion, up 11.8% from the $7.8 billion posted in the year-earlier period.

Mexican President Andres Manuel Lopez Obrador has been a strong advocate of remittances in the midst of weak domestic economic growth and high inflation.

Remittances to Mexico from abroad hit a record high $58.5 billion in 2022.

(Reporting by Valentine Hilaire; Editing by Mark Porter)