The News
The News
Wednesday 17 of August 2022

Mexican Central Banker Criticizes Trump's Remittance Plan


Mexico's Central Bank Governor Agustin Carstens gestures during a meeting with members of the Commission on Finance and Public Credit of the Senate, at the Senate of the Republic building in Mexico City,photo: Reuters/Edgard Garrido
Mexico's Central Bank Governor Agustin Carstens gestures during a meeting with members of the Commission on Finance and Public Credit of the Senate, at the Senate of the Republic building in Mexico City,photo: Reuters/Edgard Garrido
Trump has said he would modify a clause of the anti-terrorism Patriot Act to keep the money until Mexico agreed to pay for his wall

MEXICO CITY — Mexico’s Central Bank (Banxico) boss is criticizing Donald Trump’s proposal to block remittances from Mexicans living in the U.S. as a way to force Mexico into paying for a border wall.

Bank governor Agustín Carstens said Tuesday that the plan would violate people’s rights. He says money being remitted is the property of the people who earn it and they have the right to transfer their funds internationally.

Trump has said he would modify a clause of the anti-terrorism Patriot Act to keep the money until Mexico agreed to make a one-time payment of $5 billion to $10 billion for the wall.

Remittances to Mexico totaled nearly $24.8 billion last year, exceeding for the first time earnings from oil exports. They represent more than 2 percent of Mexico’s gross domestic product.