Mexicans sent cash home in record numbers
TUCSON, AZ (Tucson News Now) - Mexicans living abroad sent money home in record numbers in 2017, according to new numbers from the Central Bank of Mexico.
Most of them live in the United States. From January to November, Mexicans sent back 26.1 billion. That's compared to 24.1 billion during the same time frame in 2016.
Experts believe the two big driving factors are the weak peso and the president's threat to tax these transactions, formally called remittances.
The Tucson Hispanic Chamber of Commerce believes other factors like the devastating earthquake that rocked Mexico City could have also played a factor in the increase.
The Central Bank of Mexico has not released numbers for December. But if everything goes at it has been, another record could be broken.
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