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Growth of funds to Mexico slows

From Reuters

The amount of money sent home by Mexicans abroad rose 1.38% to $18.2 billion between January and September this year compared with the same period a year earlier, the Mexican central bank said Monday.

Remittances to Mexico, the top recipient of the money flows in Latin America, are expected to grow as much as 6% this year, compared with a 15% increase to $23 billion in 2006, as tougher U.S. immigration policies make life harder for Mexican migrants in the world’s biggest economy.

An increase in deportations of illegal immigrants, workplace raids and stricter border security are making it more difficult for Mexicans trying to get to the U.S. and for those already there.

In addition, the U.S. housing sector is suffering one of its worst slowdowns in decades, tied to a crisis in the sub-prime mortgage market, which caters to borrowers with poor credit. Many of those are also immigrants.

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