Mexico logs biggest 12-month gain in remittancesNovember 2nd, 2011 - 11:54 am ICT by IANS
Mexico City, Nov 2 (IANS/EFE) Mexico received $2.08 billion in remittances last month, up 21.2 percent from September 2010 for the biggest 12-month increase since October 2006, the country’s central bank said Tuesday.
In the first nine months of the year, remittances amounted to $17.28 billion, 6.6 percent more than during the same period in 2010.
Remittances are Mexico’s No.2 source of revenue after oil exports and constitute a lifeline for many families.
In the judgment of private economists, it will be “difficult” to repeat a growth rate such as the one experienced in September, and it is very probable that in the coming months the growth rate for remittances will not be as high.
The number of individual remittances rose 9 percent in September and the median amount of those payments rose by 12 percent, compared to the same period the year before, to $348.30.
“Not only did the average amount that each person sent increase but also more people sent remittances than usually do so in September,” the report from the central bank emphasized.
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