Remittances continue to rise in September, but streak of record highs stops

The remittances Mexico in September chained their 17 month year-on-year increase, although they halted the streak of all-time highs of the previous two months, according to figures from Bank of Mexico (Banxico) disclosed on Monday.

Thanks to a greater dynamism of economic activity in USA after the crisis derived from the pandemic of the coronavirus, the capital received during the ninth month of the year totaled 4,403 million dollars, 23.3% more than in September 2020.

Although the increase is maintained, the total value of the transactions was lower than that registered in July and August, when historical records were broken, in the middle of the Economic recovery of the neighboring nation, the main commercial partner and destination of migrants from Mexico.

In the first nine months, remittances totaled 37,334 million dollars, 24.6% more than in the same period last year. Remittances contribute 3.8% of the Mexican GDP, which fell 8.5% in 2020 due to the Covid-19 pandemic.

Regarding the number of transactions, these rose 12.1% year-on-year, to 11.5 million; While the average amount per transaction grew to $ 381 from $ 347 in the same month of 2020, the central bank reported.

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