MEXICO CITY, (Reuters) – Remittances sent to Mexico recorded their largest annual drop in eleven years in September, down 4.6% from the same month in 2023, according to data released yesterday by Mexico’s central bank.
The official data, measured in dollars, was impacted by the Mexican peso’s depreciation.
Mexico is the second largest recipient of remittances globally, according to the World Bank, and remittances are one of Mexico’s most important sources of foreign currency and a source of pride for the government.
In September, remittances reached $5.36 billion, lower than the $5.62 billion recorded in the same month last year.
The figure marks the biggest annual plunge since June 2013, when remittances fell by 4.64% year-on-year.
Coming mostly from the United States, remittances have been affected by the depreciation of the Mexican local currency. By end-September, the peso had weakened over 13% to the U.S. dollar compared with a year ago.
