La Jornada – Mexicans’ deposits in foreign banks fell 5.9% in one year

Deposits and investments by residents of Mexico in foreign banks, debt and companies decreased by 5.9 percent in one year, since the beginning of the economic crisis due to the Covid-19 epidemic, data from the Bank for International Settlements (BIS for short in English) show.

At the end of the first quarter of 2020, 139 thousand 467 million dollars were made available to Mexican residents in various financial instruments from other countries, the highest amount since the existence of a record; However, these resources were reduced for the same period in 2021 to 132 thousand and 92 million dollars.

Although most of the resources of Mexicans abroad in March 2021 were in banks and investments in the United States, 39 thousand and 10 million dollars, equivalent to 29.5 percent of the total, the figure decreased by 13.64 percent compared to the same month last year, when it was the first. Economic shocks due to the Covid-19 epidemic have been recorded.

To a lesser extent, Spain concentrates 21.9 percent of the resources allocated by the Mexican population; It is followed by Japan with 7.8%. As well as France and the United Kingdom with 5.7 percent, according to statistics from the Bank for International Settlements.

The body made up of several central banks reported that in the same 12-month period, Mexicans’ deposits and investments increased in South Africa, France, Greece, China and the United Kingdom. But it fell to 97.13 per cent in Brazil and 87.07 per cent in Australia. In general, deposits in banks decreased by 3 percent, investments in debt securities by 5.3 percent, and in other instruments the decline decreased by 12.4 percent; While an increase of 3,000,720 percent was reported in other investments not rated by the BIS.

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Although 59.2 percent of the resources Mexicans put abroad in the first quarter of 2021 were in dollars, the amount was 0.7 percent lower than last year, according to a BIS report.

This decline was the smallest compared to 45.8 percent recorded in protected resources in euros, 44.6 percent in yen and 38.1 percent in Swiss francs.

Among the major currencies, there was only an increase in deposits and investments in sterling, which rose by 21.3 per cent compared to last year.

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