Remittances sent to Mexico increase 6.42% in the first seven months of 2017

Mexico received US $ 16.406 billion from its citizens living abroad in the first seven months of the year, an increase of 6.42% over the same period in 2016, the central bank said on Friday.

In the January-July period, the average remittance was $ 306, higher than $ 294 for the same period in 2016, and the number of operations increased from 52.52 million to 53.70 million, most of them electronic transfers.

In July alone, Mexico received $ 2,459.71 million, up from $ 2,248.62 million in 2016 and $ 2,417 million in the previous month.

Last year, the country received 26,993 million dollars from its citizens residing abroad, an increase of 8.91% over 2015 and the highest figure of the last 20 years.

Remittances, which mainly come from Mexican emigrants in the United States, represent Mexico’s second largest source of foreign exchange after automotive exports and constitute an important income for millions of people.

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