Latin American Herald Tribune: Remittances sent to Mexico by emigrants totaled $16.6 billion in the first eight months of 2015, up 6.07 percent compared to the same period last year, when they came in at $15.6 billion, the Bank of Mexico said.
The average remittance was $296 in the January-August period, slightly higher than the $294 average registered in the same period last year, the central bank said in a statement on Thursday.
The MexicoBlog of the CIP Americas Program monitors and analyzes international press on Mexico with a focus on the US-backed War on Drugs in Mexico and the struggle in Mexico to strengthen the rule of law, justice and protection of human rights. Relevant political developments in both countries are also covered.
Showing posts with label remittances. Show all posts
Showing posts with label remittances. Show all posts
Oct 5, 2015
Sep 4, 2015
Migrant Dollars More Valuable than Black Gold
FNS News: For the first time in 15 years, dollars sent home by Mexicans working in the United States have surpassed the value of Mexico’s oil exports. According to the central Bank of Mexico, the flow of migrant remittances from the U.S. reached $14.3 billion from January to July of this year. In contrast, money earned from oil exports came to about $12.2 billion during the same time period, according to the Pemex national oil company.
Alfredo Salgado Torres and Juan Jose Li Ng, analysts for the BBVA-Bancomer bank, attributed a spike in remittances to better conditions in the U.S. economy, exemplified by improved employment in states with large immigrant populations like Texas and California, as well as the ongoing peso devaluation that provides greater incentives for migrants to send money to their loved ones back home.
Alfredo Salgado Torres and Juan Jose Li Ng, analysts for the BBVA-Bancomer bank, attributed a spike in remittances to better conditions in the U.S. economy, exemplified by improved employment in states with large immigrant populations like Texas and California, as well as the ongoing peso devaluation that provides greater incentives for migrants to send money to their loved ones back home.
Feb 3, 2012
Immigration and the Mexico Economy: Mexico sees 1st big remittances rebound since 2008
Editor's note: Statements such as this one--about Mexico's major sources of foreign income--always leave out the source that is likely the biggest or second biggest: "illegal" drug sales in the U.S.. Estimates for this range from $19 to $30 billion. It is impossible to know the amount, as it is part of the "informal economy" of Mexico, outside any system of government accounting.
BusinessWeek: "The amount of money Mexican migrant workers sent home in 2011 increased by 6.86 percent over the year before, the first major rebound in remittances since the 2008 economic downturn, Mexico's central bank announced. Remittances totaled just over $22.7 billion in 2011, up from $21.27 billion in 2010, the bank said Wednesday. ... Remittances are Mexico's second-largest source of foreign income after oil exports." read more
BusinessWeek: "The amount of money Mexican migrant workers sent home in 2011 increased by 6.86 percent over the year before, the first major rebound in remittances since the 2008 economic downturn, Mexico's central bank announced. Remittances totaled just over $22.7 billion in 2011, up from $21.27 billion in 2010, the bank said Wednesday. ... Remittances are Mexico's second-largest source of foreign income after oil exports." read more
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