RemittancesGateway.org

Mexico's March remittances up 4.8% on year

Tuesday, 03 May 2011 13:03

Source: MarketWatch
By: Anthony Harrup

Remittances from Mexicans working abroad rose 4.8% in March from a year earlier to $2.05 billion, the Bank of Mexico said Monday.

The number of transfers slipped slightly from March 2010 to just under 6 million, although the average amount per remittance was higher at $343, the central bank said.

Remittances for the first quarter of the year rose 5.5% to $5.1 billion.

Remittances, a major source of foreign currency inflows, are recovering after several years of declines related to the recession and rise in U.S. unemployment that particularly affected industries that employ migrant workers.

Remittances were flat in 2010 at $21.3 billion.