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Remittances In Mexico Break Record

(Courtesy Joaquín Martínez Rosado by CC BY 3.0 via Wikimedia Commons.
Banco de Mexico

MEXICO CITY— Mexico’s economy strongly relies on foreign remittances, money sent back home from people working in another country. Along with oil revenue, remittances are one of the main sources of foreign income.

Most of Mexican remittances come from the United States, and during the first six months of the year, the total broke a record.

Migrant workers and expats sent almost $13.2 billion to Mexico during the first half of the year, according to the most recent report from the Central Bank of Mexico.

The previous record, from the first six months of 2007, was of $12.8 billion.

Family remittances increased almost 9 percent during the first half of 2016, compared to the same period last year.

According to analysts, the increase of remittances in Mexico respond to the improvements in the American economy and its job market, as well as the depreciation of the Mexican peso against the U.S. dollar, which has strengthened the American currency.

The Central Bank of Mexico also reported 98 percent of the remittances were received by electronic transfers, while the rest of them came through money orders, cash and kind.

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Rodrigo Cervantes is KJZZ’s bureau chief in Mexico City, where he was born and raised. He has served as opinion writer, contributor and commentator for several media outlets and organizations in Mexico and the United States, including CNN, Georgia Public Broadcasting and Univisión. Cervantes previously worked as the business editor and editorial coordinator for El Norte, the leading newspaper in Monterrey and a publication of Grupo Reforma, Mexico’s premier news group. In Mexico City, Cervantes served in Reforma as a reporter, special correspondent, editor and special sections coordinator. Cervantes also held the editor position at MundoHispánico, a division of The Atlanta Journal-Constitution and Georgia’s oldest and largest Latino newspaper. He also participated as one of the first members of the Diversity Advisory Group for Cox Media. In 2012, Cervantes was appointed as fellow for the Leadership Program of The New York Times/Nieman Foundation for Journalism at Harvard, as well as for the "Líderes Digitales" program from the International Center for Journalists. In 2010, he was awarded with the Poynter-McCormick Leadership Fellowship. Cervantes graduated with honors in communication sciences and journalism from the Instituto Tecnológico de Monterrey (ITESM), Mexico City Campus. Later, he was granted the Fundación Carolina Scholarship from the Spanish government to obtain an MBA degree at San Pablo-CEU School of Business (Madrid). Other awards include: the Power 30 Under 30 Award for Professional and Community Excellence in Atlanta, the Outstanding Alumni Medal from ITESM, and several José Martí Awards for Journalism Excellence from the National Association of Hispanic Publications (NAHP). Cervantes enjoys music, books, travel, friendship, good mezcal and the occasional company of his guitar.