Remittances to Mexico rise

May 3rd, 2012 - 11:55 am ICT by IANS  

Mexico City, May 3 (IANS/EFE) Remittances from Mexicans living abroad climbed 5.3 percent in the first quarter compared with the same period in 2011, Mexico’s central bank said Wednesday.

Expats sent a total of $5.37 billion home to Mexico in the first three months of the year, up from $5.1 billion a year earlier, according to figures compiled by Banco de Mexico.

The number of transactions also rose from the first quarter of 2011, climbing 7.3 percent to 16.8 million.

Remittances rose 16.4 percent last month from the level of March 2011, to $2.08 billion.

The median transfer in the first quarter was $318.41, down 1.94 percent compared with January-March last year.

Remittances are Mexico’s second-largest source of foreign exchange and help cover the living expenses of millions of households.

Most of the remittances are sent from the US, where an estimated 12 million Mexicans live, about half of them undocumented migrants.

–IANS/EFE
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