Mexican migrants sent a record sum of $28.6 billion back to their homeland in 2016, leading the flow of money into Latin America, according to the Pew Research Center.
That was attributed to improved labor conditions and earning power in the U.S, said Pew, which relied on figures from the World Bank. In 2016, median weekly earnings of foreign-born Hispanic workers in the U.S. increased about 6.2 percent. A strong dollar simply bought more Mexican pesos, too, Pew said.
For 2017, Mexico’s Central Bank reported the flow of such money through November was on track to hit a record over the previous year. Remittances, as the money is formally known, is now 9 percent higher than 2016, Central Bank data shows.
For all of Latin America and the Caribbean, the flow rose to $74.3 billion, a 7.4 percent increase from the previous year, Pew said. Most of the money came from the U.S., Pew said.
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Source: Dallas Morning News