Friday, 30 January 2009
MEXICO: Yearly Mexican remittances drop for 1st time on record, down 3.6 percent
Remittances, Mexico's second-largest source of foreign income after oil, plunged 3.6 percent to $25 billion in 2008 compared to $26 billion for the previous year, the central bank said.
The percentage drop is nearly twice what the government had expected for the year, and central bank official Jesus Cervantes said the decline will likely continue this year. Read more