Remittances to Mexico: record in July

Remittances sent to Mexico, a major support for the Mexican economy and in particular for low-income families, continued its historic 2020 run and rose in July to the third highest level on record, central bank data showed on Tuesday.

Mexico received $3.53 billion in remittances in July, up by more than 7% compared to the $3.29 billion in remittances the country was sent the same month last year.

Remittances hit their highest level since records began in 1995 in March of this year and then reached their second best level in June.

Most of Mexico’s remittances are sent by the millions of Mexicans living in the United States and are a pillar of support for Latin America’s second largest economy, which suffered in the second quarter its deepest slump since the Great Depression.

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