Mexico: Family remittances – Strong despite more challenging conditions

  • Remittances stood at US$5,359.8 million (+11.2% y/y) in October, with an uptick in operations but a lower average amount

  • Inflows grew 2.8% m/m despite signs of a slowdown in the US labor market, but with some relief in inflation

  • We reiterate our FY22 forecast of US$59-60bn, albeit increasingly concerned about growth in 2023

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