|Ixe: Remittances to Increase in 2011|
Adrián Jiménez - The News
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Mexico City – The remittances that Mexicans living abroad, mainly in the United States, sent to Mexico in November 2010 amounted to US$1.6 billion. This figure is a 7.8-percent increase in comparison to the same month in 2009 but is lower by 5.9 percent than the remittances sent in October 2010, which totaled US$1.7 billion, the Central Bank of Mexico (Banxico) said Monday.
Banxico said that the total of remittances between January and November in 2010 amounted to US$19.5 billion. In 2009, Mexico received a total of US$19.6 billion in the same months. In November, the average amount of money sent through remittances was US$307 per transaction.
According to estimates by the World Bank, Mexico was the third country receiving the largest amount of remittances by immigrants in 2010. India holds the first place and China the second.
Separately, the Financial Group Ixe (Ixe) said that remittances were expected to increase up to 6.47 percent in 2011.
Last year, remittances and tourism were the only sectors linked to the foreign market that did not present significant growth, whereas oil and manufactured exports, and Foreign Direct Investment (FDI) showed signs of recovery. Remittances are still Mexico’s second most important source of foreign currency.
Ixe said that although remittances were an essential income for many Mexican families, “the relationship between remittances and development is questionable because Mexicans do not find opportunities in their places of origin.” This situation calls attention to the real problem of Mexico: the lack of good jobs, Ixe added.