MEXICO CITY, Mexico—Remittances sent to Mexico hit a new monthly record of $4.54 billion in July 2021, a 28.6% increase compared to the same month in 2020.
It was the second time this year that a new monthly record was set after Mexicans working abroad, mainly in the United States, transferred $4.51 billion in May, Mexico Daily News reported.
It was also the 15th consecutive month that remittances – a key driver of the Mexican economy and the country’s second biggest source of foreign currency after auto exports – increased on an annual basis, Mexico Daily News said.
The central bank reported that remittances sent to Mexico in the first seven months of 2021 totaled just under $28.19 million, a 23.5% increase compared to the same period of 2020. A 12-month-record of $45.97 billion flowed into the country between August 2020 and July 2021.
A recovering United States economy and government stimulus in that country have driven record levels of remittances this year, the news outlet added.