Tuesday, September 2, 2008

The money spout has slowed

The amount of money crossing the boarder into Mexico dropped by the largest percentage since they started tracking the data.
Remittances - Mexico's second-largest legal source of foreign income after oil - dropped by 6.9 percent in July compared to the year before.
I wish the story would have covered. Obviously that's an illegal source but so is a part of these remittances since not all immigrants that are sending money back are here legally.
It would have also been nice if they mentioned how much is sent back annually and how much that 6.9% ends up in dollars. In 2007, remittances to Mexico were almost $24 Billion!! 6.9% amounts to $1.65 Billion!! That's a lot of money.

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