Economics
Mexicans Prepare for Worst by Sending Home Record Cash
- Money sent to Mexico increased 36% in annual terms last month
- Result stunned economists, who were expecting a decline
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Remittances to Mexico reached a record high in March, surprising analysts who were expecting a decline, as workers in the U.S. rush to send savings back home amid a worsening economic outlook.
Money sent to Mexico by immigrants working outside the country jumped 36% last month to a record $4.02 billion, the central bank said on its website Monday. Analysts were forecasting remittances to fall in annual terms to $2.75 billion.