Remittances increase for sixth straight month, but strong peso blunts the benefit

Remittances to Mexico showed an annual increase for a sixth consecutive month, rising 3% in July compared to a year ago and remaining above US $5 billion for a third straight month, the Bank of Mexico reported. The true gain, however, is offset by the strengthening Mexican currency, which results in fewer pesos pocketed in Mexico per dollar of remittance. In fact, in peso terms, remittances actu…