July remittances at second highest level in 24 years

Remittances by Mexicans working abroad reached their second-highest monthly level in July since Mexico’s central bank (Banxico) started keeping records 24 years ago.

They sent home US $3.27 billion, 14.4% more than in July 2018. The number of transactions was 9.1% higher, while the average amount per transaction was up 5% to US $340.

In the second quarter of 2019, Mexico achieved a current account surplus of US $5.143 billion, the largest since Banxico began keeping records in 1980. Remittances totaling US $9.403 billion were an important contributing factor for the surplus.