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

Drawing on the latest economic data, Lopez Obrador in a video address on YouTube estimated that remittances reached some $3.4 billion in June and $3.48 billion in July, up about 6.8% each from a year earlier.The vast bulk of Mexico’s remittances are sent by millions of Mexicans living in the United States, and the president said he expected 2020 to be a record-breaking year for them.

Remittances have been a major support for the Mexican economy, which contracted more than 17% in the April-June period compared to the previous quarter. Lopez Obrador reiterated that Mexico was bouncing back from the downturn even though the country is still posting record numbers of new daily coronavirus infections.

After major layoffs in the April-June period, the president said the economy had only shed 3,430 formal jobs in July. On top of that come millions of job losses in the informal economy.

Now imagine those remittance fees being almost zero with instant settlement. Xrp

Relying on very hard working mexicans (which BTY the majority are treated with high levels of contempt at usa), instead of providing the right opportunities & employment at home, shows how shameless are the people with power in underdeveloped countries

That is not good! It means than more Mexicans are moving to the US because in our country (Mexico) they cannot find a job. 🤐😔

Hmmm.....

USD$ will be De-dollarized splinter than expected under Trump that's translated ominous future for USA!

Just sad when president focuses on remittances as main source of economy

mofo's the luckiest bastard after winning the election! too bad for the useless right wing opposition! 🤣🤣🤣

Ah pero el no quiere que nuestra gente se vaya para allá cuando en México no hay mejores condiciones de vida.

Not sure if it’s something he should brag about. 🙃

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