Mexican Immigrants Send More Cash Home
Cash remittances from Mexican immigrants in the United States continued to grow over the third quarter, rather than decline as some immigration experts expected. The Mexican central bank said remittances were $2.358 billion in the quarter, up 40% from a year ago.
Remittances now represent Mexico’s second-largest source of foreign exchange after oil sales. Total remittances for 2001 are on pace to top $9 billion, compared with $6.28 billion last year.
Some immigration experts expected the flow of cash to slow somewhat in the last half of 2001, especially after the Sept. 11 terrorist attacks, because of the U.S. economic slowdown and reduced job opportunities for immigrants.
The central bank’s improved methods of tracking the cash transfers is a factor in the increase, as are immigrants’ rising earning power and the increasing need of Mexican family members affected by the economic downturn.
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