Monthly remittances to Mexico, a major boost for low-income families in Latin America’s second-largest economy, topped $5.15 billion in June, just slightly under the record high reached in May, Mexico’s central bank said Monday.
June remittances were also up 15.6% from the same month last year, according to central bank data, as Mexicans abroad are increasingly sending part of their wages to their home country, which saw inflation at a 21-year high in June.
Both the number of remittances and the average amount sent increased in June, the central bank reported. Some 12.6 billion remittances, largely from the United States, were sent in June for an average of $408 each.
Remittances this year through June are up to $27.57 billion, putting Mexico near the rate needed to hit President Andres Manuel Lopez Obrador’s estimate of $60 billion by year-end.
Source: El Financiero