Remittances to Mexico exceed $5 billion for third consecutive month
EL PASO, Texas (Border Report) – Mexicans living abroad are sending record amounts of money back home despite worldwide inflation.
According to newly released data from the Bank of Mexico, that country received $5.297 billion in remittances in July – the highest number on record and a 16.5 percent increase over July 2021. More than 90 percent of that money ($5.24 billion) made its way to Mexico through electronic transfers, while $15 million was sent in money orders and $38 million delivered in person, according to the bank.
The average amount of individual transfers was $379.
The data shows three consecutive months of $5 billion-plus income from citizens living abroad. Remittances are now at $32.8 billion for the year, eclipsing oil and tourism revenues, and Mexican President Andres Manuel Lopez Obrador says they will reach $60 billion by December 31.