RemittancesGateway.org

Mexico: Remittances grow 10.4% in October

Wednesday, 07 December 2011 14:44

Source: Mexican Business Web

Remittance flows entering Mexico totaled $1,911.5 billion dollars in October, 2011, or 10.4% more than the same period of last year, informed the Bank of Mexico, (Banxico).

This was the highest variation for a similar period since 2008, when an 11.4% grow was recorded.

A factor that favored the remittances in the tenth month of the year was the depreciation of the currency, which allowed that people benefitted by this currencies exchange more pesos per each dollar.

Remittances are a fundamental income for many low-income families which use these for food, clothes, transportation, health and education.

Mexico remains the world’s third largest recipient of remittances, only behind India and China.