Migration Policy in the US does not Affect Remittances

Migration policies in the United States have not affected the sending of remittances from nationals to Mexican territory, said the head of the Banking, Securities and Savings Unit of the Ministry of Finance and Public Credit (SHCP), Juan Pablo Graf Noriega.

“There is still a steady growth in remittances, even their behavior is more attached to the cycle of the United States economy and these statements have not had a great impact. The volume of remittances depends more on the economic performance of that country, ”he said.

Within the framework of the Binational Forum of Remittances and Financial Inclusion for Migrants, the official even estimated that this year the trend of growth of the shipment, of 8.0 percent per year, will be maintained, as has happened in the last five years.

He recalled that at the end of 2018 the amount of remittances sent by Mexican nationals to Mexico totaled 33 billion dollars, and that the federal government is committed to offering to the nationals the use of new technologies to reduce the cost of transactions.

For his part, the director of the Bank of Welfare, Rabindranath Salazar Solorio, predicted that this year the remittances could exceed 35 billion dollars, which would considerably exceed the 26 billion dollars for oil revenues in 2018.

He said that almost one billion of the 33 billion dollars of remittances in 2018 would have been only for shipping costs, which implies an expensive expense for migrants, hence the importance of banking in the area.

The official compared that currently the average percentage that migrants must pay for sending resources to their relatives is almost eight percent per commission charge, while in other countries of the continent only three to five percent are paid.

In addition 94 percent of the total remittance remittance is carried out in cash and only 5.8 percent is banking.

Salazar Solorio said that the federal government works in a migrant welfare account that will offer the possibility of generating savings and at the same time have economic resources.

Finally, Francisco Sheffield Padilla, head of the Federal Consumer Prosecutor’s Office, recalled that since 1999 the agency has had the tool “Who is who in remittances sending” in order for the nationals to compare transaction and commission costs and choose the best alternative.

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Migration Policy in the US does not Affect Remittances - /10

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Migration policies in the United States have not affected the sending of remittances from nationals to Mexican territory, said the head of the Banking, Securities and Savings Unit of the Ministry of Finance and Public Credit (SHCP), Juan Pablo Graf Noriega.

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