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Mexican remittances up 7.47% YOY in January

Remittances sent by Mexicans working abroad reached 2.22 billion Mexican pesos in January, up 7.47% from the same month in the previous year, data from Banco de México said.

The level is the highest recorded for the first month of the year since the central bank's initial tracking of the indicator, El Economista reported.

However, the remittance level slowed down from 2.26 billion pesos in November 2017 and 2.60 billion pesos in December 2017.

The average remittance came to 306 pesos in January, up 3.87% from a year ago. Meanwhile, the number of remittance operations reached 7.2 million, up 3.46% from a year earlier.

As of March 1, US$1 was equivalent to 18.84 Mexican pesos.