Remittances to Mexico to reach historic highs in 2023, 2024: report

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Remittances to Mexico to reach historic highs in 2023, 2024: report

STORY: Remittances to Mexico to reach historic highs in 2023, 2024: report DATELINE: Aug. 27, 2023 LENGTH: 00:01:05 LOCATION: Mexico City CATEGORY: ECONOMY SHOTLIST: 1. various of Mexico City reflecting its economy STORYLINE: According to a recent report released by the financial group Banco Bilbao Vizcaya Argentaria (BBVA), the flow of remittances arriving in Mexico will again reach historic highs in 2023 and 2024. The "Yearbook of Migration and Remittances 2023," released on Thursday by BBVA Mexico, said that the flow of resources arriving in Mexico will increase to 63.7 billion U.S. dollars in 2023, an increase of 8.9 percent compared to the end of 2022, and 67.9 billion dollars in 2024, an increase of 6.6 percent. The report explained that Mexico is currently the second-largest country with the most remittances in the world. For several years, remittances have been the key source of foreign exchange for Mexico, ahead of foreign direct investment, crude oil exports, and international tourism. Xinhua

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