Yearly Mexican remittances drop for the first time.

[panamania79 2]

Yearly Mexican remittances drop for 1st time

Buzz Up Send

Email IM Share

Digg Facebook Newsvine del.icio.us Reddit StumbleUpon Technorati Yahoo! Bookmarks Print By JULIE WATSON, Associated Press Writer Julie Watson, Associated Press Writer – 2 hrs 21 mins ago AP – Guillermo Ortiz, president of the Bank of Mexico, speaks during a news conference in Mexico City, Tuesday, … 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

[mawilson 2,133]

And finally they drop.

"In the first half of 2006 remittances grew 23.1 per cent compared with the same period the previous year,

but during the first six months of 2007 remittances grew just 0.6 per cent year-on-year."

Slow construction hits Mexican remittances

Mexicans Send Less Cash Home

[peejay 327]

And finally they drop.

"In the first half of 2006 remittances grew 23.1 per cent compared with the same period the previous year,

but during the first six months of 2007 remittances grew just 0.6 per cent year-on-year."

Slow construction hits Mexican remittances

Mexicans Send Less Cash Home

Cheap illegal labor builds inflated overpriced houses financed with creative mortgage products to people who should never have qualified for them.

And who knew this was a recipe for disaster? I'm just so surprised....not.

Edited January 28, 2009 by peejay

[Chica Yeyé 41]

Oh my.... so it made the news that I don't send dinero home anymore????

g.e.t. a l.i.f.e.

[dalegg 143]

So what I reading here, is this actually part of their national budget?

[Chica Yeyé 41]

So what I reading here, is this actually part of their national budget?

Of course. We do not have petroleum, natural resources, tourism industry; neither we have lawyers, professors, doctors, etc... we live off the income of illegals....

[dalegg 143]

So what I reading here, is this actually part of their national budget?

Of course. We do not have petroleum, natural resources, tourism industry; neither we have lawyers, professors, doctors, etc... we live off the income of illegals....

They aren't saying its all illegals. My wife is legal and she sends money home as do most legal vietnamese immigrants. I just never realized this was something they actually kept track of so closely.

[Chica Yeyé 41]

I doubt it is part of the budget; since it goes to families and not to the Banco de Mexico.

[panamania79 2]

Oh my.... so it made the news that I don't send dinero home anymore????

g.e.t. a l.i.f.e.

I'm forever sending tons of money home that IS my life.