MEXICO CITY, July 3 (Reuters) - Mexico brought in close to $5.7 billion in remittances in May, central bank data showed on Monday, breaking a monthly record that analysts cautioned was softened by the recent strength of the peso versus the dollar.
While Mexico records remittances in dollars, as most of the funds come from the United States, "a strong peso hurts remittances," said Goldman Sachs analyst Alberto Ramos.
Given the peso's appreciation against the dollar, when measured in local currency, remittances actually declined 2.2% year-on-year, Ramos said.
Last year, remittances to Mexico from abroad hit a record high of $58.5 billion, making Mexico the No.
Despite the blow from the "super peso," the dollar amount of remittances sent in May rose almost 11% year-on-year.
Persons:
Goldman Sachs, Alberto Ramos, Mexico's, Ramos, Andres Manuel Lopez Obrador, Monex, Kylie Madry, Brendan O'Boyle, Christina Fincher, Hugh Lawson
Organizations:
MEXICO CITY, U.S, Monex, BBVA, Thomson
Locations:
MEXICO, Mexico, United States, Mexican, India