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Latino Daily News

Friday May 3, 2013

March Sees 15% Drop in Remittances to Mexico

March Sees 15% Drop in Remittances to Mexico

Photo: March Sees 15% Drop in Remittances to Mexico

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Remittances sent by Mexicans living abroad fell 14.7 percent to $1.78 billion in March, compared to the same month in 2012, the Bank of Mexico said Thursday.

March marked the 9th consecutive month that remittances have fallen, the central bank said.

The average remittance totaled $301.27 in March, down from the $335.64 registered in March 2012, the central bank said in its monthly report.

A total of 5.9 million transactions, the majority of them electronic funds transfers, were registered last month, the Bank of Mexico said.

Remittances totaled $22.44 billion in 2012, down 1.57 percent from 2011.

Remittances sent by Mexicans living abroad are the country’s second-largest source of foreign exchange and help cover the living expenses of millions of people.