Latin America Business News
Remittances to Mexico from U.S.-based Migrants Increases 5.5% to 5 Billion
Photo: Remittances to U.S. from Mexico Up
Mexico’s central bank has just released its quarterly report on remittances sent through its banks from migrants workers in the U.S.
The report shows that the money U.S. based Mexican migrants sent to Mexico increased by 5.5% from same time last year to $5 billion. The first quarter of 2010, last year’s figures, shows remittances of $4.8 billion.
In March of 2011 alone Mexican migrants sent $2 billion dollars – this is the sixth month that remittances have increased from prior months.
According to the Mexican central bank ‘nearly all the money comes from the U.S., where nearly 12 million Mexican citizens live.’ These remittances remain Mexico’s second source of foreign income only after its oil exports.