Decrease in Remittances to Mexico
Al Día, Posted: Jul 24, 2007
DALLAS -- The amount of money being sent to Mexico has decreased in the last few months, according to the Bank of Mexico (Banxico), reports the Spanish-language newspaper Al Día in Dallas. Economists attribute the change to a decrease in the migration of Mexicans to the United States, a decline in the construction industry, immigration raids and a slowing of the U.S. economy, among other factors. According to Banxico, remittances have been on the decline since the third quarter of 2006, which ended in September, when they totaled more than $6 billion. During October through December of the same year, the amount fell to $5.6 billion, and between January and March 2007, remittances dropped to $5.3 billion. Experts predict remittances won’t continue to drop significantly because they are linked to changes in the U.S. economy. In 2005, Mexicans in the United States sent more than $20 billion to Mexico, and in 2006 they sent more than $23 billion home. While remittances affect a sector of Mexican families, according to Banxico officials, they do not have a substantial effect on the Mexican economy.
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