MEXICO CITY (AP) — The money sent home by Mexican migrants fell in 2008 for the first time on record, Mexico’s central bank said Tuesday — part of a global trend that could worsen as emigrants from developing countries lose jobs in the global financial crisis. Remittances, Mexico’s second-largest source of foreign income after oil, plunged 3.6 percent to $25 billion in 2008 compared to $26 billion for the previous year, the central bank said. The percentage drop is nearly twice what the government had expected for the year.–Contact The Daily Reveille’s news staff at [email protected]
Yearly Mexican remittances drop for first time on record
By The Associated Press
January 27, 2009