Remittances sent home from Mexicans in the U.S. have dropped more than 15% year-on-year as figures continue to drop amid the Trump administration’s immigration crackdown and threats of imposing taxes on remittances.
Banxico, the Mexican central bank, said remittances have decreased by almost 6% since the beginning of the year and more than 16% year-on-year in June. That month, $5.2 billion were sent to Mexico.
The bank added that June was the third consecutive monthly decrease.
The plummet in remittances to Mexico comes before Trump’s one percent remittance tax takes effect in January of next year.
