07:42 AM EDT, 10/03/2024 (MT Newswires) -- Remittances to Mexico exceeded the threshold of $6 billion in a single month for the second time in August as $6.09 billion entered Mexico in the form of family remittances, noted BBVA Research.

Large fluctuations in the exchange rate of the Mexican peso (MXN) against the US dollar (USD) impact Mexican migrants' decisions on the amount to remit, said BBVA Research.

In August, the peso depreciated 5.4%, which boosted a 9.3% growth in remittances to Mexico in US dollars and a 17.0% increase in pesos in real terms, it stated.