New record for money sent to Mexico by Mexicans abroad

2/1/2017 CBS News

US dollarsMEXICO CITY — Mexicans living abroad sent home almost $27 billion in 2016, the highest yearly figure on record, the central bank reported on Wednesday.

The remittances rose 8.8 percent, from $24.78 billion in 2015 to 26.97 billion last year.

The central bank said almost all the money was sent to Mexico by electronic transfers, though about $600 million continues to arrive in cash or by money orders.

Remittances have become Mexico’s most important source of foreign income after auto exports of almost $34 billion per year. Remittances have far surpassed the $15.6 billion Mexico earns from oil exports and the $17.5 billion in tourism income Mexico received in 2015.

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