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Mexico remittances hit 2nd highest level on record in August

MEXICO CITY, Oct 1 (Reuters) - Mexico saw remittances, a major support for the economy and in particular low-income families, jump in August to their second-highest level on record to continue their strong 2020 run, central bank data showed on Thursday.

Remittances to Mexico in August were $3.574 billion, a 5.3% rise on the same month last year, the data showed.

Remittances hit their highest level since records began in 1995 in March of this year. The third and fourth best levels were recorded in June and July.

Most of Mexico’s remittances are sent by the millions of Mexicans living in the United States and are a pillar of support for Latin America’s second-largest economy, which suffered in the second quarter its deepest slump since the Great Depression.

The number of transactions, mainly from the United States, also rose by 5.3% year-on-year, and the average transaction remained stable at $343.

Remittances between January to August totalled $26.396 billion, a 9.4% rise on the previous year. (Reporting by Abraham Gonzalez: Writing by Drazen Jorgic Editing by Chizu Nomiyama)

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