Mexican President Andres Manuel Lopez Obrador reacts during a press conference in Mexico City, Mexico, on May 8, 2020. (Str/Xinhua)
Mexico could receive a record 40 billion US dollars in remittances in 2020, helping to drive domestic economic recovery, Mexico's President Andres Manuel Lopez Obrador said on Monday.
"Remittances continue to grow, despite the pandemic," the president said during his daily morning press conference at the National Palace in Mexico City.
"This year we are going to receive record remittances, I estimate around 40 billion US dollars, and that goes to 10 million Mexican families," added Lopez Obrador.
Remittances from Mexicans working abroad, mainly in the United States, are "the country's main source of foreign currency," said the president, adding the resources help promote consumption in smaller towns, which are the main recipients of remittances.
According to the central bank of Mexico (Banxico), remittances grew 10.6 percent in the first half of 2020 year-on-year.
In 2019, Mexico received a record 36 billion US dollars, Banxico said.
About 11 million Mexicans live in the United States, according to official estimates and non-governmental organizations.
Mexico is the leading recipient of remittances in Latin America.