Fear of Trump Move Drives Cash Transfers to Mexico to Record
- President proposed stopping flow to make Mexico pay for wall
- Dollars sent home are a lifeline for some of Mexico’s poorest
Trump: Had 'Very Good Call' With Mexican President
Money transfers to Mexico from workers living abroad climbed to a record last year as Donald Trump’s election raised the prospect of the U.S. blocking the flow of cash to make its southern neighbor pay for a border wall.
Remittances rose 6 percent in December from a year earlier to $2.34 billion, the most ever for the holiday season, according to data released by Mexico’s central bank on Wednesday. The increase brings 2016 transfers to $27 billion, exceeding the previous high from 2007, before the financial crisis and U.S. recession. The December increase was less than the 11 percent median forecast of economists in a Bloomberg survey and compared with the surge of 25 percent in November, the immediate aftermath of Trump’s win.