Remittance flows to Mexico plummeted 12.2 per cent in August, recording their biggest yearly fall since records began and signalling an end to years of hitherto vigorous growth, Mexico’s central bank reported on Wednesday.

The latest figure brings the total amount of money sent back home by Mexican migrant workers between January and August to $15.6bn – a fall of 4.2 per cent compared with last year. The bank said it expected the flows to continue to contract, making this year’s total lower than the previous year for the first time.