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Remittances to Mexico Down in 2008

La Opinin, Posted: Jan 28, 2009

MEXICO CITY -- Remittances sent by U.S. Mexicans to their families declined on a monthly basis throughout 2008, falling by 9.82 percent in December compared with the same period of the previous year, and making the annual figure 3.6 percent lower than that of 2007. This represents the most severe drop since 1995, when the Banco de Mexico started counting remittances from Mexicans living abroad. Remittances make up Mexico's second highest source of income after the country's oil exports. Mexico received $25.145 billion in 2008, compared with approximately $26 billion in 2007. Jess Cervantes of Mexico's central bank predicted that the downward trend would continue this year.

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