Tuesday, 26 January 2010

MEXICO: UPDATE 2-Mexico migrant remittances fall in Nov

Fri, Jan 2 2009, 18:54 GMT

MEXICO CITY, Jan 2 (Reuters) - Mexicans living abroad sent less money home in November compared with the same month a year ago, the central bank said on Friday.

Remittances, one of Mexico's biggest sources of foreign currency, fell 10.68 percent in November to $1.607 billion, the bank said.

Migrant cash flows, which are a lifeline for millions of poor Mexican families, are expected to weaken more in the coming months as the U.S. economic slowdown hits Mexican workers living there.

A weakening in the U.S. construction and manufacturing sectors is weighing particularly heavily on migrants, whose jobless rate jumped higher than that of the general U.S. population during 2008. Read more

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