Mexico Remittances Break Record on Strong U.S. Growth

  • Bloomberg
  • Economy News
Mexico Remittances Break Record on Strong U.S. Growth
Credit: © Reuters.

(Bloomberg) -- Remittances sent to Mexico hit a record $4.54 billion in July, driven by the U.S. fiscal stimulus and strong growth.

The previous record was $4.53 billion in May. President Andres Manuel Lopez Obrador regularly hailed Mexicans in the U.S. as heroes for helping the country during last year’s economic crisis by sending money home.  

“Stronger growth in the US than in Mexico increases remittances to Mexico. And this is precisely what we have seen,” said Carlos Capistran, an economist at Bank of America Corp (NYSE: BAC ). “We expect remittances to continue strong for the rest of the year and probably next as well.”

The average amount sent in each transfer remained steady compared to the month before, at $390, but the number of transactions rose.

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