MEXICO CITY, Mexico—Remittances to Mexico reached a record high in July as Mexican families received $5.3 billion from abroad, an annual increase of 16.5%, according to new data from the Mexican central bank.
This increase marks the third consecutive month remittances reached a record amount, following highs recorded in May ($5.142 billion) and June ($5.144 billion), Reuters reported.
“Mexicans abroad—mostly in the United States where the economy benefited from stimulus measures that were absent in Mexico—are sending more money to help their families back home as President Andres Manuel Lopez Obrador struggles to deliver on promises to energize growth,” Reuters said.
“Lopez Obrador has often boasted about the strong expansion in remittances sent to Mexico, as rising inflation that hit 8.15% annually in July, its highest level in nearly 22 years, chips away at people's purchasing power,” Reuters added.
Remittances this year through July rose 16.4% to $32.8 billion, the central bank said.
Lopez Obrador has forecast remittances to reach $60 billion by year end, Reuters noted.
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