Mexico’s remittances hit record $27B in 2016

By Nancy Caouette
MEXICO CITY (AA) – Money transfers to Mexico from immigrants living abroad rose to nearly $27 billion in 2016, the highest on record, the central bank said Wednesday.Bank of Mexico, or Banxico, figures show remittances climbed nearly 9 percent last year, from $25 billion in 2015 to 27 billion in 2016.During his campaign for the U.S. presidency, Donald Trump suggested blocking money transfers from the U.S. to Mexico to force Mexicans to pay for a border wall.Following Trump’s election win, remittances received in Mexico rose 6 percent to $2.3 billion in December, compared to December 2015. It was the most ever for a holiday season according to Mexico's central bank data. In recent years, remittances, which mostly come from the U.S., have been equivalent to about 2 percent of Mexico’s gross domestic product.They have surpassed the revenues of oil exports that stood at $16 billion in 2015 and tourism income that was $18 billion in 2015.The transfers server to help some of the poorest households meet basic needs but in some cases it can help some to start a small business.