Remittance growth slows to 1.4% year-on-year in July

Thursday, September 1, 2011

The growth of remittances to Mexico in July continued to slow on the weakening US economy, increasing 1.4% year-on-year.

Total money flows by Mexican workers living abroad reached US$1.9bn in July, down 6.1% on June, according to the latest numbers from central bank Banxico.

While electronic transfers declined significantly between June and July, cross-border cash receipts rose to US$31mn from US$25mn, potentially on Mexican families' growing concerns over the financial outlook.

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