Economy & Business - November 2023

MEXICO | On track for record remittances. On 1 November, Mexico’s central bank (Banxico) released new figures which show the country received a record US$47.07bn in remittances during the first three quarters of 2023, a 9.5% increase on the US$42.98bn received in the same period of 2022. Banxico’s data also shows that remittances in September totalled US$5.61bn, a year-on-year increase of 11.4%. President Andrés Manuel López Obrador noted that remittances this year are estimated to exceed US$63bn. This would surpass last year’s total of US$58.5bn – the current record – by some US$4.5bn, or 7.7%.