|
|
|
|
Search: 
  HOME | Mexico

Remittances to Mexico Down 15 Percent in August

MEXICO CITY – Remittances sent home by Mexicans living abroad, especially in the United States, fell 15.1 percent to $1.78 billion in August compared with the same month last year, the central bank reported.

The figures also showed a 2.9 percent decline relative to July, when a total of $1.83 billion in remittances was sent to Mexico.

Of the total money transfers in August, some $28.1 million was sent in the form of money orders, down 41.99 percent compared to the same month last year; $1.73 billion arrived as wire transfers, down 14.1 percent; and $21.55 million was brought home by migrants or sent by cash or check, down 38.2 percent.

The value of remittances in August fell for the third consecutive month and represented the fourth-biggest drop this year, while the total number of transactions (5.7 million) and the average amount sent per remittance ($310.62) also were down relative to the same month last year.

The vast majority of the remittances Mexico receives comes from the United States, home to 12 million Mexicans and millions more descendants of Mexican immigrants.

Remittances represent close to 19 percent of total income for urban Mexican households and 27 percent for rural households, according to official figures.

The worst financial crisis in the United States since the 1930s has caused a drop in income among Mexican migrants and made them less able to help relatives back home. EFE
 
 

Copyright Latin American Herald Tribune - 2009 © All rights reserved