Mexican workers abroad are working hard to send money to their families but pandemic period’s figures showed the record cash flow, Bloomberg News said.
Despite the pandemic, Mexican migrant workers are continuing to set new financial records. While the previous record was set in March, with $4.16 billion sent back to Mexico, remittances rose to $4.51 billion in May. The latter figure is blowing past the previous record and outstripping the average $4.25 bn estimated by nine economists surveyed by Bloomberg.
Strong remittances couldn’t come at a better time, as the nation’s growth recovery is still struggling after a lack of fiscal stimulus by the government. A robust pick-up in the world’s largest economy — also Mexico’s largest trading partner — may help juice the nation’s nascent rebound.
The figures clearly reflect that Mexicans who are in the U.S. are in a good job position. The record-high figures also reflect the need to send money to Mexico and the perception that the dollar is “expensive” and that it pays well to send money to Mexico. Like in the 1930s, depression and the struggle for survival made people work even harder.