Mexican officials eye decline in remittances sent home by migrant workers

By Associated Press
11:37 PM CDT, July 29, 2008

MEXICO CITY (AP) _ Half-year figures are expected to show the first sustained decline on record in remittances sent home by Mexicans working abroad, officials said.

The downturn in U.S. housing construction and stepped-up immigration raids have made it tougher for migrants to find jobs, and less able to send money home. Mexico's Central Bank is scheduled to release figures on the remittance flow on Wednesday.

Jesus Cervantes, director of economic measurement for Mexico's central bank, said remittances are expected to decline 1.5 percent to 2 percent for 2008 as a whole over the previous year.

Cervantes said that would be the first such sustained drop since a reliable tally has been kept. [Read More]