Remittances to Mexico Rise in May to Highest Level since October ‘08

Ricardo Lopez, Los Angeles Times, July 3, 2012

Signaling an improved labor market, remittances to Mexico rose in May, its highest level since October 2008, Mexico’s Central Bank reported this week.

Remittances, or money wired abroad by immigrants, totaled $2.34 billion in May, up 7.8% from the previous May.

And the average amount per transaction, $329.21, was up in May by 3.7% from a year before. {snip}

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The uptick bodes well for Mexico, where remittances are the nation’s second-largest source of foreign exchange, behind petroleum sales.

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