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Remittances to Mexico reach record high in 2016

Xinhua, February 2, 2017 Adjust font size:

Remittances sent from abroad into Mexico reached a record high of 26.97 billion U.S. dollars in 2016, according to the Central Bank of Mexico (Banxico).

On Wednesday, Banxico reported that the total of remittances sent in 2016 was 8.82 percent higher than 2015, when it reached 24.784 billion U.S. dollars.

2016 saw 91.47 million operations for remittances, most involving electronic transfers.

On average, Mexicans living abroad sent 295 U.S. dollars to their relatives inside the country during each operation.

According to the Center of Latin American Monetary Studies, the research arm of the region's central banks, at least 96 percent of the remittances were sent by Mexicans living in the Uuited States.

Prior to 2016, the record level of remittances had been seen in 2007, when 26.058 billion U.S. dollars had been sent, a year ahead of the global financial crisis. Enditem