The cash remittances that were sent my Mexican nationals or expats totaled $17.88 billion through the end of October, banking officials are reporting. This amount reflects a decrease of 1.34% compared to the first ten months of 2009. Last year remittances dropped by 15.7% due to the economic recession.
The trend appears to be turning since last month’s remittances showed an increase – in October $1.72 billion was sent to Mexico.
The average remittance is $317.16 and there were 56.3 million such transactions thus far this year. Cash remittances are the number 2 source of revenue for the Mexican nation.