Remittances to Mexico Top Estimates, Signal Record as U.S. Booms
- Money sent from abroad hit $4.74 billion in August, a new high
- U.S. economic recovery leads Mexican workers to transfer money
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Remittances sent to Mexico reached another record in August, a sign that contributions from workers in the U.S. continue to help Latin America’s second-largest economy while its recovery remains uneven.
Money sent from abroad grew to $4.74 billion in August, Mexico’s central bank said on Friday, beating a $4.42 billion median estimate from economists in a Bloomberg survey. Last month’s remittance number implies a 4.5% increase from July, which was the previous record.