Mexico remittances show double digit growth

Figures released by Mexico's central bank show remittances to the country grew 13.9% year-on-year in March this year (11% in real local currency terms).

Remittances amounted to US$2.20bn in March, slightly lower than the market consensus forecast of US$2.38bn.

Total remittances in the first quarter of the year were up 8.59% (a 31.4% y-o-y increase in local currency). On a monthly rolling basis remittances grew 5.7% in March.

In line with the general increase in electronic banking, electronic transfers were up 9.1% y-o-y.