Thursday, 3 February 2011
MEXICO: Remittances to Mexico up marginally in 2010
Mexico received a total of $21.27 billion in remittances in 2010, which signifies a small increase of 0.12 percent over the year before, the country's central bank said Tuesday.
"This indicates that remittances barely managed to halt the decline that occurred in 2009 and their recovery has been slow. Remittances depend chiefly on employment in the United States, where the outlook continues to be complicated," a report by the Mexican bank Ixe said.
Remittances constitute the second largest source of foreign currency for Mexico after oil sales.