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Latino Daily News

Tuesday July 3, 2012

Remittances to Mexico Rise by 7.8 Percent in May to $2.34 Billion

Remittances to Mexico Rise by 7.8 Percent in May to $2.34 Billion

Photo: Remittances to Mexico, 2012

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Remittances from Mexicans living abroad climbed 7.8 percent in May compared with the same month in 2011, the central bank said Monday.

Last month’s total was $2.34 billion, above the $2.17 billion registered in May 2011.

In May, there were 7,096 transactions, 3.97 percent more than in May 2011, when there were 6,825.

Mexico’s central bank said that in May the amount of the remittances received increased by 15.32 percent over April, when $2.03 billion had been received.

The average size of the cash transfers to Mexico was $329.21, 3.7 percent larger than the $317.38 that was sent in each transaction in May 2011.

Remittances are Mexico’s second-largest source of foreign exchange and help cover the living expenses of millions of households.

Most of the remittances are sent from the United States, where an estimated 12 million Mexicans live, about half of them undocumented migrants.