Flow of dollars to Mexico rises
Times Staff and Wire Reports
The amount of dollars sent home by Mexicans living abroad jumped 13% in October as a weaker peso gave the greenback more buying power, Mexico’s central bank said.
Remittances rose to $2.4 billion in October, up from $2.2 billion for October 2007, the Bank of Mexico reported.
The peso dropped to record lows in October, briefly trading at 14 to the dollar. A stronger U.S. currency means dollars sent home buy more in Mexico.
Through October, total remittances for the year were down 1.9% at $20 billion.
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