Money and politics
Not the kind of money we usually think of, but remittances might have political ramifications.Cash flow to Mexico stays slow
Cash remittances from Mexicans living abroad keep tumbling, with a second-quarter drop of 17.9% compared with the same period last year, officials said Tuesday.
Mexico's central bank said remittances for April through June fell to $5.6 billion, continuing a downward trend that has lasted more than a year. The money transfers are off 12% during the first six months of 2009, compared with the first half of 2008...
Remittances are one of Mexico's top three sources of foreign income, along with oil and tourism, and help sustain millions of Mexican families...
The remittance report is more sour news for Mexico. Last week, the central bank announced a second-quarter decrease in gross domestic product of more than 10%. Analysts predict a GDP decrease of 7% or more for 2009, about the same decline that came with the mid-1990s economic meltdown known as the Tequila Crisis.
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Labels: economics, Mexico, politics
posted by Ken Wedding @ 8:02 AM
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