Thread: Remittances Drop in Mexico

I also think this is propaganda.

There is no 'economic slowdown' for the illegals anyway, maybe for some average Americans.

Originally Posted by NCByrd

There should be a 10% surcharge on every remittance.

Forget about taxing it, it should be outright ceased and returned to the taxpayers of this country.

Originally Posted by dman1200

Originally Posted by NCByrd

There should be a 10% surcharge on every remittance.

Forget about taxing it, it should be outright ceased and returned to the taxpayers of this country.

Absolutely, if a person tries to transmit money, they should have to prove they are either a citizen, or legal immigrant, otherwise the money should be confiscated.

What if suddenly a lot of ordinary Americans began wiring money out of the country? Do you think the government would take notice? I'll just bet they would.

Remittances To Mexico From Abroad Fall 1.6% On Year In 2Q
Tue, Jul 31 2007, 22:19 GMT
http://www.djnewswires.com/eu


Remittances To Mexico From Abroad Fall 1.6% On Year In 2Q

MEXICO CITY (Dow Jones)--Remittances from Mexicans living abroad slipped 1.6% year-on-year in the second quarter, according to the Bank of Mexico.

Mexicans sent $6.14 billion back home in the quarter, down from $6.24 billion in the year-earlier period.

The inflows registered a year-on-year decline in both May and June, likely due to the U.S. economic slowdown and a crackdown at the U.S.-Mexico border, Manuel Ramos Francia, the central bank's chief economist, said at a press conference Tuesday.

"It's possible that there has been a big decline in terms of the slowdown that has been seen in the U.S. housing sector," Ramos Francia said at a press conference, noting that it is difficult to measure the impact since many Mexicans who work in the construction sector aren't documented.

Year-to-date inflows remain slightly ahead of 2006 figures, according to central bank data.

Remittances in recent years have become one of the top sources of foreign inflows to Mexico, though the rate of growth has slowed sharply. Last year, remittances grew 15.1% to a record $23.05 billion.

-By Tom Barkley, Dow Jones Newswires; (5255) 5080-3451, tom.barkley@dowjones.com

(END) Dow Jones Newswires

July 31, 2007 18:19 ET (22:19 GMT)
http://www.fxstreet.com/news/forex-news ... a0be59068d