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Carstens: Remittance Future Fragile
 The News
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May 07, 2010
Mexico City – The United States has to develop an immigration agreement that will guarantee the rights of Mexican immigrants as soon as possible, Central Bank of Mexico Gov. Agustín Carstens said Thursday.
Both the Arizona immigration law and the financial crisis have had an impact on the amount of money that Mexicans living in the United States send back to Mexico.
“It is very important that the U.S. government develops, as soon as possible, an immigration agreement that fulfills the needs and the development of all regions, including the United States. It should also guarantee the rights of our countrymen living abroad,” he said during the forum entitled “Remittances for the Future.”
U.S. immigration policies will inevitably become stricter and more selective, as has already happened in other developed countries, Cartens said. Also, uncertainty caused by the economic downturn makes it even more pressing to analyze the matter from all possible angles. This analysis must result in strategies and public policies that will allow the Mexican government to exploit the potential of its remittances and to boost the development of Mexico, Carstens said.
Central banks in all countries have the obligation of stopping family remittances from being absorbed by inflationary levels or economic policies, he added.
According to Carstens, there are regions in Latin America where these resources represent 20 percent of the national gross domestic product.
He suggested lowering the cost of sending remittances, linking the flow of remittances with other financial services, including housing financing, and creating more job opportunities in Mexico.
Carstens also expressed his support to those in Mexico who have rejected the Arizona immigration law.
Remittances to Latin America dropped by 15 percent in 2009.
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