2024-05-08 22:58:10
The strength of dollar-since-the-end-of-2015-2024-04-08-083253/” title=”Mexican peso reaches its best level against the dollar since the end of 2015
– 2024-04-08 08:32:53″>Mexican peso and the slowdown in the United States were key to remittances registering their lowest level in four years as they contracted 3.36% at an annual rate according to financial specialists.
Gabriela Siller, director of financial analysis of the Base Bank He explained that compatriots abroad stopped sending dollars waiting for their money to be worth more and have greater purchasing power.
In March 2024, remittances totaled shipments of 5 thousand 20.70 million dollars, a growth of 11.32% if measured at a monthly rate, but negative bowl interannual (3.6%).
In this regard, Janneth Quiroz, head of economic analysis at Monex, commented that this result may affect consumption and growth towards the end of the year, especially if the drop in money transfers persists in the following months.
This weakening of the flow of remittances may be related to the economic slowdown in USA and in particular with the deterioration of working conditions in that country, since growth has been observed in the number of workers who need a second job (5.2% of total workers until March).
Additionally, the number of part-time workers grew, reaching a historic high of 28.63 million, representing 17.72% of the total workers. Even the unemployment rate rose to 3.9%, its highest level since January 2022.
Because the accumulated annual growth shows a downward trend, for 2024 the growth projection of remittances in dollars is revised downward from 8.0% to 4.5% annually, which if materialized would be the lowest growth since 2015. added Gabriela Siller Pagaza, also an academic from the Tec de Monterrey.
Juan José Li Ng, senior economist at BBVA Mexicodetailed that in real terms remittances contracted 15.2% in March.
“The final effect on the pockets of families receiving remittances in the country is even greater.”
He added that the exchange rate averaged 16.84 pesos per dollar and Mexico received 84.6 billion pesos in remittances, which is equivalent to a contraction of 15.2% in real terms in income for this concept for receiving households, which also meant a lower value.
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2024-05-08 22:58:10