Mexico cenbank slams Trump remittance plan as rights violation

4/13/16 Reuters

380px-Agustin_CarstensU.S. presidential candidate Donald Trump’s proposal to force Mexico to pay for a border wall by threatening to block remittances from illegal immigrants would be a major violation of Mexicans’ rights, Mexico’s central bank governor said on Tuesday.

The Republican candidate said last week that if elected in November, he would use a U.S. anti-terrorism law to cut off such money transfers unless Mexico made a one-time payment of $5 billion to $10 billion for the wall.

Mexican Central Bank Governor Agustin Carstens, speaking in Mexico’s Congress, dismissed the idea.

“The remittances are the property of the people that make them and they have every right to be able to carry out international transfers,” Carstens told reporters. “So it would be a serious violation of the property rights of our fellow citizens abroad and this measure would be completely unjust.”

The U.S. remittances are worth roughly $25 billion per year, or close to 2 percent of Mexican gross domestic product.

Read more…

Mexico Got More Money from Remittances Than from Oil Revenues in 2015

3/3/2016 NBC News

energy - oil_rigMexico’s central bank reported Mexicans overseas sent nearly $24.8 billion home in 2015, overtaking oil revenues for the first time as a source of foreign income.

Remittances were up 4.75 percent from 2014 when they totaled $23.6 billion, the Bank of Mexico said. They had never before surpassed petroleum since the Bank of Mexico began tracking them in 1995.

Analysts pointed to slumping global prices for oil, which earned Mexico $23.4 billion in 2015, and improved economic conditions in the United States, home to more than 11 million Mexicans and the source of nearly all Mexico’s remittances.

Read more…

Mexico: Remittances as a crime-fighting weapon

08/28/14 Financial Times – Beyond brics

federal police mexicoMexico has a brand new police force, the gendarmería tasked with beefing up the country’s crackdown on crime.

But according to the Inter-American Development Bank(IDB), it may have a powerful crime-fighting weapon already: remittances.

Read more…

Remittances to Mexico rise 7.89 pct.

7/2/14 Fox News Latino

currency - coinsRemittances sent to Mexico by emigrants totaled $9.58 billion in the first five months of 2014, up 7.89 percent compared to the same period last year, the Bank of Mexico said.

Mexico received $8.87 billion in remittances during the January-May 2013 period, the central bank said in its monthly report.

Read more…

Mexico isn’t our top immigration problem: Op ed

Arizona Republic, 11/22/2013

shutterstock_49320484Arizona needs to leave the Land of Old Ideas about illegal immigration, Mexico and Central America. Congress should take a hike to reality, too. Old battle lines continue to define — and doom — efforts to reform outdated immigration policies. They also hurt Arizona’s economic competitiveness.

Read more…

 

Latin Migrants Shift Sights From U.S. to Neighbors

latin_americaThe Wall Street Journal, 11/19/2013

It sounds like the typical American dream for an immigrant: Each month, Marco Antonio Serna sends $500 to his parents, wife and 17-year-old daughter back in Colombia. Except Mr. Serna, 43 years old, didn’t migrate to the U.S. for work; he went to Chile, where he is employed at a small casino outside Santiago. “There’s a big community of Colombians here,” the former factory worker says.

In a noticeable and important shift in global migratory patterns, millions of migrant workers are no longer relying on the U.S. as heavily as they did for better-paying jobs that allowed them to send money home to families in Latin America, the Caribbean and Asia. Instead, they have moved more to developing economies, creating a shift in money transfers out of countries like Chile, Brazil and Malaysia.

Read more… 

Remittances to Latin America recover – but not to Mexico

Advertisement for remittance services

Al Jazeera America, 11/16/2013

Remittances to Spanish-speaking Latin American countries have rebounded from their recent decline, a new study by the Pew Research Center shows, but the amount of money sent to Mexico has continued to fall, likely because the Mexican immigrant population in the U.S. has dropped dramatically since the 2007 recession.

The amount of money or other assets that migrant workers sent to Mexico, an estimated $22 billion in 2013, has fallen from a pre-recession peak of more than $30 billion.

Read more…