Mexico City | May 10, 2008 12:01:13 AM IST
Remittance money sent from migrants to families in Mexico has dropped steeply in 2008 on U.S. job losses and foreclosures, sources told The Washington Post.
Transfers of money -- after oil exports, the second largest source of foreign money for Mexico -- dropped 7 percent in January, the newspaper reported.
Carlos Trujillo Landeros, 76, from the Mexican village of Ermita de Guadalupe, said his three sons -- two in Las Vegas, one in Sacramento -- used to send him at least $400 a month. But, all of them have had work-hours reduced and one lost a home to foreclosure, the report said. [Read more]
I was reading how about the overseas workers (including Mexicans) who have stopped remitting money back home. It is feared that most of these immigrants have lost their jobs and are thus not in a position to remit money back home. Nonetheless, this is a problem that can be attributed to the fact that the governments in the developing countries are nonchalant and have paid very little attention to this problem. It's high time these countries take notice and come up with quick solutions.
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