Mexicans received 33,564.38 million dollars in remittances between January and October of this year, an increase of 10.4% compared to the same period in 2019, despite the Covid-19 crisis, the Bank of Mexico (Banxico) reported on Tuesday.

Total remittances exceeded 30,394.7 million dollars in the first ten months of last year, the Mexican Central Bank specified in its monthly report.

The amount of money sent per transaction also increased, since the average remittance from January to October was 339 dollars, 4.17% more than in the same period of 2019, when it was 326 dollars.

Likewise, the number of operations went from 93.3 million in the first ten months of 2019 to 98.9 million in that stage of 2020, an increase of 6%.

In October alone, remittances accounted for $ 3,598.3 million in income for Mexico, a figure higher than the $ 3.57 billion in September.

Mexico received a historic amount of more than 4,000 million dollars last March, when the pandemic began in the country, which was almost 49% higher than the 2,694 million dollars in February.

Remittances, almost entirely from the United States, break records despite the covid-19 crisis, which in Mexico accumulates more than 105,000 deaths and exceeds 1,113,000 confirmed cases.

Mexican President Andrés Manuel López Obrador has thanked the 38 million Mexicans in the United States on several occasions, estimating that this year they will send 40,000 million dollars in remittances that will benefit nearly 10 million poor families.

According to the president’s forecasts, this year the remittances sent to Mexico in 2019 would be exceeded, when they reached a historical maximum of 36,048 million dollars, with an increase of 7.04% compared to the figure registered in 2018.

This money, which comes mainly from Mexican migrants living in the United States, represents Mexico’s second source of foreign exchange, after automotive exports.

For this reason, the Government of Mexico trusts that remittances will help boost the country’s economy, which will contract by around 8% this year, according to the Ministry of Finance.

In 1995, the first year for which the Bank of Mexico offers results, remittances were 3,672 million dollars (adjusted to the current exchange rate).