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During July 2024, the entry of remittances the country reached a level of 5 thousand 614 million dollars, a monthly drop of 9.6% and annual of 1%.
The cumulative flow of income from remittances in the first seven months of the year was 36 thousand 940 million dollars, an amount higher than the 35 thousand 906 million dollars registered in the same period of 2023, to reach the historical maximum for periods comparables.
When remittances from dollars to pesos and adjusted for inflation, a growth of 0.5% was observed in July 2024, lower than the increment of 12% in June. The increase favors household income and private consumption, estimated an analysis of Victor Ceja Cruz, chief economist at Casa de Bolsa Valmex.
He said that the lower dynamism in July compared to the previous month is mainly explained by an increase in the inflation and a monthly appreciation of the peso.
Going forward, the increase in the unemployment rate of Hispanics and Latinos could negatively affect remittance income.
He added that although a slowdown in the US economy is expected, a certain dynamism could be maintained, which, in turn, could be favored by a greater depreciation in the exchange rate that would contribute to the purchasing power of remittances.
“For the entire year, we estimate that remittances will be close to 63 billion dollars,” the economist explained. will add up
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2024-09-07 04:23:34