July remittances up 9.4% year over year

Also up are the central bank's growth projections for this year and next

Remittances sent home from Mexicans working abroad — mostly in the United States — spiked in July to US $2.45 billion, 9.4% more than July 2016 and up slightly from the previous month’s $2.41 billion, the Bank of México reported.

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It was still shy of the $2.58 billion recorded in May, which is typically a big month for remittances due to Mother’s Day.

The increase was considerably higher than what analysts had expected.

Total for the first seven months of the year was $16.4 billion, up 6.42% over the same period last year.

The 2016 total was a record $26.99 billion, money that went a lot farther due to the peso’s plunge against the dollar during the year.

On Wednesday, the central bank revised its economic growth projections for the current year to a range of 2% to 2.5%, up from the previous forecast of 1.5% to 2.5%.

It also raised its 2018 forecast to 2% to 3% from 1.7% to 2.7%.

The bank said the outlook had improved with a recovery in international economic activity and trade, while in the domestic market there were signs of resilience and business and consumer confidence was gradually rising.

Source: El Universal (sp), El Financiero (sp)

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