Remittances to Mexico rise to hit record $5.81 bln in October

Mexico brought in record monthly remittances of $5.81 billion in October, according to data released by the country's central bank on Friday, driven by both larger amounts and numbers of transactions from workers mostly based in the United States.

Remittances - one of the country's main sources of foreign currency - rose 8% from the same month last year, and topped a previous record of $5.70 billion set in May. The central bank reported 14.6 million transactions, up 5%, with average amount per transaction up 3% to $397. In the year through October, it added, remittances are up 9% from the same period in 2022 to $52.89 billion.

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