Tuesday 25 November 2008

Mexican Remittances Fall As U.S. Jobs Are Slashed

by Jason Beaubien

All Things Considered, November 25, 2008 · Mexicans working in the U.S. are being hit hard by the economic slowdown, and that is hurting their homeland.

Remittances are Mexico's second-largest source of foreign currency after oil exports, and the Mexican central bank reports these funds are drying up rapidly. In addition, hundreds of thousands of Mexicans are expected to return home in the coming months to villages with few job prospects. [Read more]

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