Mexico could receive 40billion dollors in remittances in 2020: President

Mexico City: Mexico could receive a record $40 billion in remittances in 2020, which will help drive domestic economic recovery, President Andres Manuel Lopez Obrador said.

"Remittances continue to grow, despite the pandemic," Xinhua news agency quoted the President as saying at his daily press conference on Monday.

"This year we are going to receive record remittances, I estimate around $40 billion, and that goes to 10 million Mexican families," added Lopez Obrador.

Remittances from Mexicans working abroad, mainly in the US, are "the country's main source of foreign currency", said the president, adding the resources help promote consumption in smaller towns, which are the main recipients of remittances.

According to the central bank of Mexico (Banxico), remittances grew 10.6 per cent in the first half of 2020 year-on-year. In 2019, Mexico received a record $36 billion, Banxico said. About 11 million Mexicans live in the US, according to official estimates and non-governmental organizations. Mexico is the leading recipient of remittances in Latin America.