Remittances to Mexico rise 6.6% in July, near record

Mexico brought in a little over $5.65 billion in remittances in July, edging near the monthly record of close to $5.70 billion it hit last May, according to data from the country's central bank on Friday. Mexican President Andres Manuel Lopez Obrador has touted the economic boost that remittances, which largely come from the United States, have brought to the country.

Mexico brought in a little over $5.65 billion in remittances in July, edging near the monthly record of close to $5.70 billion it hit last May, according to data from the country's central bank on Friday.

Mexican President Andres Manuel Lopez Obrador has touted the economic boost that remittances, which largely come from the United States, have brought to the country. The July data shows a 6.6% jump from the same month last year, the Bank of Mexico said in its monthly remittances report.

Remittances in the first seven months of the year amounted to $35.9 billion, a 9.4% jump from the same period in 2022. Remittances are one of Mexico's main sources of foreign currency and a pillar of household spending, although the strengthening of the Mexican peso in recent months means dollar income sent from abroad no longer goes as far as it once did.