Remittances in June Totaled 6,213 Million USD

Income from remittances sent by compatriots, especially from the United States, accelerated in June, totaling 6.213 billion dollars, a level not seen since records began, according to figures from the Bank of Mexico. This represented an increase of 11.3 percent compared to the same month of the previous year and 10.47 percent higher compared to the immediate previous month, when a 0.9 percent annual decline was observed.

When converted to pesos, the increase was greater with an annual 17.8 percent, referred Janneth Quiroz Zamora, Director of Economic and Stock Market Analysis at Grupo Financiero Monex.

Beneficiary families received an average of 419 dollars, a record amount since records began, implying an annual increase of 8.1 percent and 38 dollars more compared to the immediate previous month.

"In June, with the depreciation of the peso, remittances regained purchasing power. This means that people who received remittances in Mexico could spend more with the dollars their relatives sent from abroad," considered Gabriela Siller Pagaza, Director of Economic Analysis at Grupo Financiero Base.

Guillermina Rodríguez, Deputy Director of Economic Analysis at Citibanamex, mentioned that this recovery in real pesos comes after a 10.4 percent drop the previous month.

For Juan José Li Ng, Senior Economist for Mexico at BBVA Research, the depreciation of the peso against the dollar can explain the observed increase in remittances.