Thread: Mexico’s January Remittances Down

Mexico’s January Remittances Down

MEXICO CITY — Mexicans living abroad sent fewer dollars home in January, reflecting the impact of a slowing U.S. economy and the crackdown on illegal immigration.

Mexicans sent home $1.65 billion in the first month of the year, down 6 percent from the $1.76 billion in remittances in January 2007, the country’s central bank reported Wednesday.

Remittances are one of Mexico’s main sources of foreign currency inflows, behind oil but ahead of tourism.

Last year, remittances grew 1 percent to a record $23.98 billion, but Banco de Mexico has said it expects little or no growth this year.

Remittances grew to record levels in recent years, fueled in part by migration to the U.S. and cheaper and easier electronic transfers that discouraged immigrants from sending cash home with returning friends and family.

But remittance growth has been slowed by the U.S. economic downturn, a U.S. crackdown on illegal labor, and a leveling off of the number of electronic transfers.

The central bank said the average transfer in January was practically unchanged from January 2007 at $341.
http://www.businessweek.com/ap/financia ... 7I9AG0.htm
http://oneoldvet.com/?p=5252

This kills me when remittances from another country are 2nd biggest income....ya...remittances are down...and I bet they'll be getting even lower.