June 1, 2020 / 3:31 PM / in a month

Remittances to Mexico fall in April

MEXICO CITY, June 1 (Reuters) - Remittances to Mexico, one of the country’s main sources of foreign exchange, fell in April from a year earlier, central bank data showed on Monday.

Mexico received $2.86 billion in remittances from abroad in April, 2.6% lower than the $2.94 billion registered in April 2019, Bank of Mexico figures showed. That compares with a record high $4.01 billion in remittances in March.

Analysts said remittances had likely surged in March as workers abroad rushed to take advantage of a favorable exchange rate after the Mexican peso reached all-time lows versus the U.S. dollar.

Most of the money sent to Mexico comes from the United States, which is home to millions of people of Mexican origin.

Many low-income families in Mexico, who have been hit particularly hard by job and wage losses because of the coronavirus pandemic, depend on remittances. (Reporting by Anthony Esposito; Editing by Steve Orlofsky)

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