Mexican workers in US are sending record money home despite coronavirus-related economic shutdowns
May 27, 2020 8.22am EDT
Author
Araby Smyth
One might think Mexican immigrants in the U.S. would be sending less money home to their families as a result of the coronavirus.
The 11.2 million people of Mexican origin living in the United States together send upwards of US$38 billion to Mexico each year. This money, called remittances, supports the basic necessities and financial investments of 1.6 million Mexican households – some 10 million people.
In March, analysts at BBVA bank predicted that migrant remittances to Mexico could fall as much as 21% because of stay-at-home orders and record unemployment in the U.S. Instead, remittances reached a record high in early 2020, the Bank of Mexico recently reported. Mexico received $4.02 billion in March 2020, a 35.8% increase over March 2019.
https://theconversation.com/mexican-workers-in-us-are-sending-record-money-home-despite-coronavirus-related-economic-shutdowns-138704
