Foreign remittances to Mexico reached new all-time high in July

Several family members live off a relative’s remittances from abroad, and in many developing countries, these remittances account for a large share of overall economic output.

Remittances to Mexico, one of the country’s main sources of foreign exchange, reached a new record of US$5.3 billion in July, up 16.5% from the same month last year, according to central bank data.

It marks 27 consecutive months of growth in remittance receipts in the Latin American country – an aspect that President Andrés Manuel López Obrador often boasts about amid weak economic growth and runaway inflation.

The number of transactions -primarily from the United States- increased 12.1% year-on-year to 13 million transactions during the period, while the average amount per remittance rose 4% to US$406.

In cumulative figures, remittances between January and July increased 16.4% year-on-year to US$32.8 billion, reported Mexico’s Central Bank (Banxico).

With information from Latina Press

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