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LatinNews Daily - 02 July 2025
In brief: Remittances to Mexico down year-on-year in May
*Mexico’s central bank (Banxico) has released new figures on remittances for May, showing a 4.6% drop from the same month last year. In May 2025, remittances to Mexico totalled US$5.36bn. The result is up from the US$4.76bn received in April, which represented a 12.1% drop year-on-year. In the first five months of the year, remittances to Mexico totalled US$24.38bn, down 3.0% on the US$25.12bn received in the same period of 2024. The results come as the US senate approved a bill on 1 July that introduces a 1% tax on remittances sent from the US. Mexico’s President Claudia Sheinbaum has hailed this latest version of the bill as a success for Mexico, given the proposed tax is down from an initial proposal of 5% and a later revision of 3.5%. The bill now returns to the House of Representatives for a final vote.
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