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Mexican president sees remittances up nearly 7% in June, July

Mexican president sees remittances up nearly 7% in June, July

Mexican president sees remittances up nearly 7% in June, July 1 Economic Indicators 3 hours earlier (Aug 02, 2020 02: 00 AM ET)

© Reuters. Mexico's President Lopez Obrador holds a news conference in Mexico City © Reuters. Mexico’s President Lopez Obrador holds a press conference in Mexico City

Drawing on the latest economic information, Lopez Obrador in a video address on YouTube estimated that remittances reached some $3.4 billion in June and $3.

The vast bulk of Mexico’s remittances are sent by millions of Mexicans living in the United States, and the president stated he expected 2020 to be a record-breaking year for them.

Remittances have been a major assistance for the Mexican economy, which contracted more than 17%in the April-June duration compared to the previous quarter.

After major layoffs in the April-June duration, the president stated the economy had only shed 3,430 official jobs in July. On top of that come millions of job losses in the casual economy.

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