 |
|
|
 Business News | May 2005 
Mexicans Working Abroad Send Record Dollars Home
 KeyeTV.com
| | Nearly 11 million native born Mexicans live abroad, 98% of them in the United States. |
Mexicans living abroad sent more than $4 billion home in the first quarter of 2005.
The Bank of Mexico says that's a 20% increase over the same period last year.
The largest sum of money was sent to the western Mexican state of Michoacan.
There, residents received more than $546 million in the first three months of the year.
Most of the remittances are from migrants living in the United States.
Such remittances are Mexico's second largest source of foreign income after oil.
Officials believe remittances have increased, in part, because it's become cheaper and easier to send money home, as Mexico's banking industry has grown and money transfer fees have dropped.
Nearly 11 million native born Mexicans live abroad, 98% of them in the United States. |
| |
|
Vallarta Weddings
Tell a Friend
Site Map
Print this Page
Email Us