Banxico: Remittances increase 9.4%

Bank of Mexico (Banco de México abbreviated Banxico) reported that in the seventh month of the year Nationals sent, mainly from the United States, an amount of USD$ 2,459 bn, 9.4% more compared to last year.

In the previous month, remittances topped USD$ 2,417 bn, yet it did not surpass May's record, the period in which nationals send the highest amount of remittances due to Mother's Day celebrations in Mexico, of USD$ 2,584 bn.

Thus, in the first seven months of the year, remittances topped USD$ 16,405 bn representing a 6.42% increase compared to the same period of 2016.

Remittances improved from January to July, with an average of USD$ 306, a 4.09% increase. Cash and specie remittances were higher with an average of USD$ 380, although representing a 3.81% decrease.

Throughout 2016, Mexico received remittances for a historical amount of USD$ 26,993 bn producing a positive impact due to the exchange depreciation.

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