/ Modified jul 8, 2019 10:04 a.m.

Remittances to Mexico break monthly record In May

Mexicans abroad sent $3.2 million to their home country, 1.5% more than the previous year.

economy cash money hero Twenty-dollar bills.

Remittances to Mexico, one of the main largest sectors of the country's economy, in May hit their highest level for any individual month on record, according to new figures released by the country's central bank.

Mexicans abroad sent $3.203 billion in May, or 1.5% higher than the $3.156 million recorded the same month a year earlier, according to numbers released this week by the Bank of Mexico.

May has historically been one of the highest months for remittances in Mexico, given that it's the month the country celebrates Mother's Day. But Gricha Raether, who heads the Mexico City-based remittance payout company Poni, says President Donald Trump’s promises of stepping up deportations has sent a ripple across American households that include undocumented immigrants.

"People are making more sacrifices to send more money so that they can keep the minimum they need to survive in the U.S. and the rest transport it over here," Raether said. "There's also the factor of the dollar getting more value in terms of the exchange rates."

Fronteras Desk
This story is from the Fronteras Desk, a collaboration of Southwestern public radio stations, including NPR 89.1. Read more from the Fronteras Desk.
By posting comments, you agree to our
AZPM encourages comments, but comments that contain profanity, unrelated information, threats, libel, defamatory statements, obscenities, pornography or that violate the law are not allowed. Comments that promote commercial products or services are not allowed. Comments in violation of this policy will be removed. Continued posting of comments that violate this policy will result in the commenter being banned from the site.

By submitting your comments, you hereby give AZPM the right to post your comments and potentially use them in any other form of media operated by this institution.
Arizona Public Media is a service of the University of Arizona and our broadcast stations are licensed to the Arizona Board of Regents who hold the trademarks for Arizona Public Media and AZPM. We respectfully acknowledge the University of Arizona is on the land and territories of Indigenous peoples.
The University of Arizona