News From the Border: Remittances from Mexicans working abroad drop 2.6%

News From the Border

Providing the news from a different front but from a war that we must win as well! I recognize the poverty and desperate conditions that many Latinos live in. We, as the USA, have a responsibility to do as much as we can to reach out to aid and assist spiritually with the Gospel and naturally with training, technology and resources. But poverty gives no one the right to break the laws of another sovereign nation.

Thursday, July 03, 2008

Remittances from Mexicans working abroad drop 2.6%

The Associated Press

Published: 07.01.2008

MEXICO CITY - Mexico's central bank says remittances from Mexicans working abroad fell 2.6 percent in the first five months of 2008.

The bank say remittances were US$9.5 million between January and May, compared to US$9.7 million during the same period last year. In May, they were US$2.2 million, a 3.4 percent drop from the same month last year.

The central bank has blamed the drop on the slowing U.S. economy and a crackdown on illegal immigration.

Remittances are Mexico's second largest source of foreign income, next to oil exports.

Labels: Mexico's Economy, The Impact of Illegals