Money Transfers to Mexico Drop 3.6%

Money Transfers to Mexico Drop 3.6%

Posted by John B. Frank Tuesday, January 27, 2009

Annual Mexican Remittances Drop for 1st Time on Record

According to Yahoo News, this is the first drop since they started tracking the money in 1996...

MEXICO CITY – Mexico's central bank says the amount of money migrants sent home fell 3.6 percent in 2008, the first drop on record.

The slide is part of a global trend that is expected to worsen as more emigrants from developing countries lose jobs in the financial crisis battering the United States, Europe and Japan.

The central bank said Tuesday it is the first time remittances have fallen year-to-year since the bank starting tracking the money 13 years ago.

It gave no forecast for 2009. But Mexico's largest bank, Banamex, has predicted that remittances could drop by at least 2.5 percent in 2009.

Experts blame the U.S. recession and a crackdown on illegal immigration.

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