Mexico: Remittances – New high in March on job gains and stimulus in the US

  • Remittances reached US$4,151.9 million in March (2.6% y/y), a new historical high despite a very difficult base effect

  • In our view, inflows were supported by new fiscal stimulus and strong employment gains in the US during the period

  • We maintain our call of full-year 2021 growth close to 7-10% y/y, albeit with upside risks

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