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Latino Daily News

Friday August 2, 2013

Remittances to Mexico Down 9.1 Percent

Remittances to Mexico Down 9.1 Percent

Photo: Remittances

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Remittances sent by Mexicans living abroad fell 9.1 percent to $5.88 billion in the second quarter, compared to the same period in 2012, the Bank of Mexico said Thursday.

Remittances totaled $6.47 billion in the April-June 2012 period, with the average remittance being $332, the central bank said in its quarterly report.

A total of 19.8 million transactions, the majority of them electronic funds transfers, were registered in the second quarter of this year, with the average being $296.35, the Bank of Mexico said.

Remittances totaled $1.94 billion in June, down 7.2 percent from the same month in 2012.

June marked the 12th consecutive month, compared to the prior year, that remittances have fallen, the central bank said.

A total of 6.4 million transactions were registered in June, with the average remittance coming in at $303.50, down from the $332.60 average in June 2012, 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.