Remittances sent to Mexico by emigrants totaled $19.62 billion in the first 10 months of 2014, up 7.19 percent compared to the same period last year, the Bank of Mexico said.
Mexico received $2.03 billion in remittances in October, a figure that was up 6.5 percent from the $1.91 billion received in October 2013.
The average remittance was $293.41 in the January-October period, up slightly from the $293.29 average registered in the same period last year.
The number of transactions, however, climbed from 62.4 million in the first 10 months of 2013 to 66.9 million in the same period this year, with the majority of remittances sent via electronic funds transfers, the central bank said.
Mexico received $21.89 billion in remittances in 2013, a figure that was down 3.8 percent compared to 2012, when emigrants sent $22.44 billion to their homeland.
Remittances sent by Mexicans living abroad, mainly in the United States, are the country’s second-largest source of foreign exchange, after oil, and help cover the living expenses of millions of people.