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Remittances – Mexico’s biggest source of income

The latest figures from Mexico’s Central Bank show remittances to Mexico hit US$30.2 billion during the first half of 2023, an annual increase of almost ten percent, and the highest figure for the first six months of any year since records began in 1927 when Babe Ruth hit 60 home runs.

This is more than the revenue generated by oil exports, and could become much more if one includes undelivered Mexican mail still being sorted.

If you’re like me, you don’t always read financial news, but when we do it can give us a valuable window into macroeconomics and, frankly, sleepiness.

So, if you’ll stay awake here, I will try to explain the intricate financial processes at work with remittances and if there’s space explain what a yuan renminbi is.

First, I have read that a remittance is defined as “a non-commercial conveyance of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, to a household in their home country.” Using words like non-commercial conveyance and diaspora makes these analyses tell you I’m not just kidding around.

Second, the remittance process is divided into three stages:

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