The Bank of Mexico (Banxico) reported on Wednesday that incoming remittances totaled US $5.57 billion in August, a decline of 8.3% compared to the same month of 2024. In the first eight months of 2024, 102.88 million individual remittances were sent to Mexico, an annual decline of 5.2%. The average remittance to Mexico between January and August was $393, an annual decline of 0.7%. Remittances sent out of Mexico in August totaled $91 million, a 12.1% annual decline. Outgoing remittances between January and August totaled $778 million, a 13.5% annual decline.