MEXICO CITY—Mexico in July recorded a 10.3% percent boost in its remittances on a yearly basis, marking the 28th month in a row remittances have grown in this country, according to new data from the Central Bank of Mexico (Banxico).
The bank reported that the overall amount of remittances hit $2.867 billion in July, compared to $2.6 billion registered in 2017 during the same period.
Banxico data also found the total amount of remittances to have reached a total of $19.111 billion during the first seven months of this year, an 11.4% increase.
“The growth in the North American labor market has not only translated into greater opportunities for Mexican migrants, but also in an increase in wages for these workers," financial group Banorte reported, adding, "in this sense the possibility of sending larger remittances to their families has increased."