Mexico's remittances pass $50 billion, surge during pandemic

Mexico Remittances Importance
Posted at 7:27 AM, Jan 27, 2022
and last updated 2022-01-27 10:27:38-05

COMACHUEN, Mexico (AP) — Mexico's remittances -- the money migrants send home to their relatives -- have soared in the past two years, and are now expected to top $50 billion for the first time once 2021's figures are added up.

But as happy as the Mexican government is about the news -- and the president is ecstatic -- the boom raises questions: Is it sustainable, or just blip fueled in part by U.S. government pandemic support payments?

Any decline would be a blow.

In some places in rural Mexico, remittances are often the lifeblood of many towns, with every store, business and family depending on the money.