Mexico remittances hit 2nd highest level on record in August

• Mexico saw remittances, major support for the economy and in particular low-income families, jump in August to their second-highest level on record to continue their strong 2020 run, according to the central bank.
• Remittances to Mexico in August were $3.574 billion, a 5.3% rise on the same month last year, the data showed. It hit their highest level since records began in 1995 in March of this year. The third and fourth-best levels were recorded in June and July.
• 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.

(Source: Reuters)