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Revenues by Workers' Remittances by Banks and Nonbanks - (CE164)

Revenues by Workers' Remittances by Banks and Nonbanks - (CE164)

Period: Jan 2013 - Feb 2024, Monthly, Millions of U.S. Dollar, Flows

Period:

Jan 2013 - Feb 2024

Frequency:

Monthly

Unit type:

Millions of U.S. Dollar

Data type:

Flows

Announcement:As part of Banco de México\'s permanent commitment to continuous improvement in the quality and coverage of the statistics it produces, it worked jointly with the institutions that provide the international fund transfer service for the historical review of the reports they deliver monthly to this Central Institute. This led to revisions of the statistics on income and expenditure from remittances. The main improvement consisted of a more precise assignment of the origin of remittance income. In particular, at the beginning of the pandemic there was a significant increase in the use of digital media in sending remittances from the US to Mexico. Some companies that provide this service did not have the computer infrastructure to provide information on the address of the remittance sender in the reports and, instead, assigned the location of the electronic servers that store this information. To correct the above, the informants involved adapted their systems, reviewed the reports for the referred period and, where appropriate, replaced them with the registered address information of the client who ordered the transfer. This effort has resulted in greater precision in the state of origin of remittances from the US. The historical revisions implied limited changes to the total amounts of receipts and expenditures over the years.