Money sent home by Mexicans working abroad rose by 7.6% in 2023, to reach a record $63 billion

MEXICO CITY (AP) — The money that Mexican migrants send home to their relatives has grown by 7.6% in 2023, to reach a record $63.3 billion for the year. The money transfers, known as remittances, have been booming since the coronavirus pandemic, but the rate of growth appeared to cool somewhat in 2023. In 2022, remittances grew by 13.4%, totaling about $58.9 billion for the year as a whole. In 2021, remittances grew by an astounding 27.1%. Mexico’s central bank said Thursday the average amount of each transfer remained steady at $393, just a slight increase from 2022, but the total number of transfers rose 6.6% to over 161,000,