Remittances to Mexico hit new record high in July According to Reuters

© Reuters. Elsa Maria Gonzales, whose husband Alberto Burgos works in the US to send money home, walks near Western Union in Jantetelco, Morelos state, Mexico on November 12, 2020. REUTERS / Carlos Jasso / File Photo

MEXICO CITY (Reuters) – Remittances to Mexico hit a new record high in July as Mexican families received $5.3 billion from abroad, up 16.5% year-on-year, central bank data Central Mexico showed on Thursday.

Mexican President Andres Manuel Lopez Obrador is a strong supporter of remittances amid an economic downturn and rising inflation, which hit 8.15% in July, the highest level in nearly 22 years.

Remittances from abroad amounted to $5.3 billion in July, after 13 million transactions were made with an average ticket price of $406.

Remittances in the year to July rose 16.4% to $32.8 billion, the central bank said.

Lopez Obrador forecasts remittances will reach $60 billion by the end of this year.

(This story regroups to correct the last paragraph to say $60 billion, not $60 million)

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