Remittances captured by 4.9 million households in Mexico registered an entry of 5,296 million dollars in July, reported Banco de México.
This is the highest monthly flow of remittances received by recipient households in Mexico since the beginning of the registry, this since 1995; In addition, July became the third consecutive month with monthly shipments exceeding 5,000 million dollars and the monthly amount exceeded the income observed in July of last year by 16.5%.
The drivers of these shipments remain in the “generous fiscal transfers” that workers in the United States continue to receive, as well as the attractiveness generated for issuers by the competitive level of the dollar against the peso and “the deep contraction of economic activity and employment that prevails in Mexico”, explained the economist for Latin America at Goldman Sachs, Alberto Ramos.
Updated information from the Bank of Mexico shows that between January and July, families benefiting from remittances have received 32,812 million dollars, which is higher than the 28,192 million reported in the same period of 2021 and implied an annual expansion of 16.4 percent.
In the detail of the information it is observed that in the month of July, the 4.9 million households that receive remittances, registered an average income of 406 dollars, a turn that incorporates a slight deceleration from the 407 dollars that on average, captured the month previous.
