Economics
Mexico Hits Remittances Record in March as U.S. Stimulus Flows
- Citizens sent home $4.15 billion in March, up 31% m/m
- Money is lifeline amid absence of government aid in Mexico
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Mexican workers abroad sent home a record amount of cash in March, aided by stimulus checks from the administration of U.S. President Joe Biden.
Total remittances reached $4.15 billion, up 31% from the previous month, according to central bank data released on Monday. The number was also about 2.6% higher than the same period last year, and topped the median forecast of $3.81 billion from analysts in a Bloomberg survey.