Remittances To Mexico Hit New Record High In July  

 

• Mexican central bank reported that remittances to Mexico reached a new record high in July as Mexican families received $5.3 billion from abroad, an annual increase of 16.5%.
• President Andres Manuel Lopez Obrador has been a strong supporter of remittances in the midst of an economic slowdown even as the inflation rate hit 8.15% in July, its highest level in nearly 22 years.
• Remittances this year through July rose 16.4% to $32.8 billion, according to the country’s central bank, and the government has forecast remittances to reach $60 billion by the end of the year.
• The economy is projected to expand by 1.9% in 2022 and 2.1% in 2023 and increased remittance is anticipated to contribute to economic growth, through its positive impact on consumption, savings, and investment. 

(Source: Reuters)