Money sent by migrants to Mexico rises 10.5% in first half

Money sent home by Mexican migrants has risen by 10.5% in the first six months of 2020, despite the coronavirus pandemic, Mexico's central bank reported Monday.

Migrants sent home about $19 billion in money known as remittances between January and June, compared to $17.25 in the same period last year.

Migrants broke a record in March when they sent home $4 billion in one month. In June, they were unable to keep up that torrid pace but still sent $3.35 billion.

That was much better than other countries which have seen drops in remittances because of job losses or reductions in hours due to the coronavirus pandemic.

Most Mexican migrants live and work in the United States, where unemployment has surged because of lockdowns. Given the big drop in the value of the peso so far this year, remittances sent in dollars will go much further.

(Image Credit Pixabay)