Remittances – New historical high in May on seasonality and the US job market

  • Remittances totaled US$5,172.5 million (+14.3% y/y), reaching a new historical high. Dynamism was driven by operations

  • Sequentially, inflows deaccelerated marginally on a tougher base, still underpinned by labor market dynamism in the US

  • Inflows remain strong, helping us reaffirm our positive view. However, given recession fears, risks are rising

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