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Latino Daily News

Monday March 14, 2011

Money Transfers to Latin America and Caribbean are Poised to Rise This Year

Remittances to Latin America and the Caribbean are likely to rise this year after stabilizing during 2010, although a weaker dollar and higher inflation are reducing their purchasing power in many countries, according to the Inter-American Development Bank’s Multilateral Investment Fund (MIF).

Measured in U.S. dollars, money transfers made by Latin American and Caribbean migrants to their countries of origin reached $58.9 billion in 2010, virtually unchanged from $58.8 billion in 2009, when remittances saw a 15 percent drop due to the effects of the global economic crisis, the MIF said in a report released Monday.

Last year’s total was significantly below the record $69.2 billion reached in 2008. However, during 2010 remittances to Latin America and the Caribbean started to stabilize and even rise.

Mexico remained the region’s leading recipient of remittances at $21.3 billion, a very slight increase from 2009. Guatemala is now the second largest recipient, at $4.1 billion, after recording a 5 percent rise last year.

Going forward, the report added, remittances to Latin America and the Caribbean are likely to continue rising in volume in 2011.

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