Mexicans sending more money home
money.cnn.com
Mexicans sending more money home
The remittances, mainly from those living in the U.S., are nearing a record $20B for the year.
August 1, 2005: 5:12 PM EDT
MEXICO CITY (Reuters) - Money sent home by Mexicans living abroad, mainly in the United States, increased nearly 18 percent in the first six months of this year compared with the same period in 2004, the central bank said Monday.
The bank said remittances reached $9.3 billion between January and June and appear to be heading for a new record of $20 billion this year following last year's record $16.6 billion.
The remittances have helped underpin Mexico's economy and are the main source of income in many poor areas. Around one in five Mexicans receives money from a relative working in the United States.
Remittances to Latin America and the Caribbean have doubled in the past five years as the number of migrant workers grows and they gain better access to education and higher-paying jobs.
The Mexican government says there are nearly 10.2 million Mexicans living in the United States and another 16 million there who are descended from Mexican origin.
Migrants are making more electronic money transfers, with the total up 21 percent for the first six months of the year. The average remittance during the period dropped, however, to $333 from $400 last year.
Re: Mexicans sending more money home
Quote:
Migrants are making more electronic money transfers, with the total up 21 percent for the first six months of the year. The average remittance during the period dropped, however, to $333 from $400 last year.
Yeah....it's plateaued. Now they're flooding their own illegal labor market.
:roll:
