And the political ramifications are...
Fewer Mexican Immigrants Are Sending Money Back Home, Bank Says"This year a smaller percentage of Mexican immigrants in the United States sent money back to their homeland than in 2006, according to a report released yesterday by the Inter-American Development Bank. The bank said the reduction had left at least two million people in Mexico without the same financial help they had once received...
"Donald F. Terry, general manager of the Multilateral Investment Fund at the bank... said the slowdown would affect about 500,000 Mexican homes. “For those families in Mexico, there is going to be economic and social dislocation,” he said.
"Over all, the percentage of Mexicans who regularly sent money home fell to 64 percent in the first half of this year, compared with 71 percent for all of last year, according to the report...
"The immigrants in the survey included American citizens and legal and illegal residents...
"Until this year, money sent home by Mexicans working in the United States had shown spectacular annual growth since 2000, the first year it was systematically recorded by Mexico’s central bank. Last year, these funds totaled $23 billion, making them the country’s second-largest source of foreign income after oil...
"Remittances to Mexico have become vital to the economics of the country’s poorest regions, bank officials said. The money pays for drinking-water systems, roads, care for older people and other needs in villages and working-class neighborhoods."
Labels: economics, Mexico, politics
posted by Ken Wedding @ 7:27 AM
0 Comments:
Post a Comment
<< Home