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Money sent home by migrants to Mexico stabilizes at $21.27 billion after 2 years of drops

Tuesday, 01 February 2011 18:17

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Source: Canadian Business (Associated Press)

The amount of money sent home to Mexico by migrants working abroad has stabilized following two years of declines caused by the U.S. economic downturn.

The Mexican Central Bank reports that remittances totaled $21.27 billion dollars in 2010, compared to $21.24 billion in 2009.

That is a 0.12 percent increase over 2009 levels, when remittances plummeted by 15.5 percent.

Remittances are the country's second-largest source of foreign income after oil. They rose rapidly in the first years of the new millennium but dropped by 3.6 percent in 2008.

The Central Bank said in a statement Monday that the number of individual payments grew slightly in 2010, but each average payment was a little smaller than 2009.