01-30-2009, 02:28 PM
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#1 (permalink)
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Join Date: Feb 2000
Location: A long way from Uranus in Grays Creek, NC
Posts: 964
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Yearly Mexican remittances drop for 1st time
Yearly Mexican remittances drop for 1st time - Yahoo! News
Quote:
MEXICO CITY – The money sent home by Mexican migrants fell in 2008 for the first time on record, Mexico's central bank said Tuesday — part of a global trend that could worsen as emigrants from developing countries lose jobs in the global financial crisis.
Remittances, Mexico's second-largest source of foreign income after oil, plunged 3.6 percent to $25 billion in 2008 compared to $26 billion for the previous year, the central bank said.
The percentage drop is nearly twice what the government had expected for the year, and central bank official Jesus Cervantes said the decline will likely continue this year.
Experts blame a crackdown on illegal immigration that has stemmed the flow of those heading north to seek work as well as the U.S. recession, in which many Mexicans, especially construction workers, have been laid off.
It was the first time remittances have fallen year-to-year since the bank starting tracking the money 13 years ago.
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Wow, that's a lot of $USD leaving and never coming back. 
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