Remittances sent home by Mexicans living and working abroad — mostly in the United States — reached a record high in October, the Bank of México reported yesterday.
The total amounted to over US $2.6 million, up 19% compared to the same month last year and the largest monthly total since the central bank began keeping a tally in 1995.
During the first 10 months of this year, Mexicans sent just over $23.9 billion worth of remittances, an increase of just over 7% over the same period last year.
Economists estimate that the year will close with about $29 billion sent home by Mexicans abroad.
The number of remittances also increased, to nearly 78 million from 76 million.
The average amount per remittance was also up, from $293 to $308.
The October spike came at a time when the Mexican peso had suffered a sharp decline of 5.2% against the U.S. dollar over concerns about the future of the North American Free Trade Agreement (NAFTA).
Mexican migrants have traditionally sent more money back home whenever the peso has endured sharp losses, because their dollars buy more of them.
Remittances are one of Mexico’s top sources of foreign currency, along with income from manufactured exports, oil and foreign direct investment.