Mexico brought in close to $5.7 billion in remittances in May, central bank data showed on Monday, breaking a monthly record that analysts cautioned was softened by the recent strength of the peso versus the dollar.
While Mexico records remittances in dollars, as most of the funds come from the United States, "a strong peso hurts remittances," said Goldman Sachs analyst Alberto Ramos." is among the top-performing currencies this year, appreciating more than 13% against the U.S. dollar from May 2022 to last May.
Mexican President Andres Manuel Lopez Obrador has touted the economic boost remittances, which largely come from the United States, have brought to the country. The May data shows a nearly 14% jump from the previous month, bringing the total of funds raked in this year to $24.67 billion. "We estimate around 10% of the increase in transactions can be explained by the commemoration," analysts at BBVA said in a note.
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