Mexicans in U.S. Send $12.42 Billion Home
From Associated Press
Mexicans living and working in the U.S. sent $12.42 billion to their homeland in the first nine months of 2004, the Bank of Mexico said.
That amount equals 81% of Mexico’s crude oil exports. Last year, remittances surpassed foreign investment to become Mexico’s second-most-important source of revenue after oil.
Mexico has attributed the recent surge in money sent from the U.S. to greater use of electronic transfer services, which have been heavily promoted by banks and other financial service firms.
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