Mexico sees remittances up 7% in June, July

MEXICO likely continued to enjoy robust growth in remittances in June and July in spite of the economic slump sparked by the coronavirus crisis, President Andres Manuel Lopez Obrador said today.

Drawing on the latest economic data, Lopez Obrador in a video address on YouTube estimated that remittances reached some US$3.4 bil (RM14.4 bil) in June and US$3.48 bil in July, up about 6.8% each from a year earlier.

Remittances stood at US$3.38 bil in May, the second-highest for any month on record.

The vast bulk of Mexico’s remittances are sent by millions of Mexicans living in the United States, and the president said he expected 2020 to be a record-breaking year for them.

Remittances have been a major support for the Mexican economy, which contracted more than 17% in the April-June period compared to the previous quarter.

Lopez Obrador reiterated that Mexico was bouncing back from the downturn even though the country is still posting record numbers of new daily coronavirus infections.

After major layoffs in the April-June period, the president said the economy had only shed 3,430 formal jobs in July.

On top of that come millions of job losses in the informal economy. – August 2, 2020, Reuters

Share on facebook
Share on twitter
Share on whatsapp
Share on email

Subscribe and get top news delivered to your Inbox everyday for FREE

Most Viewed