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.

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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.

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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.

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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 Old battle lines continue to define — and doom — efforts to reform outdated immigration policies.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.

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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.

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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.

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Remittances To Mexico Drop 11 Percent In February

dollarsFox News Latino, 4/2/2013

Mexico received $1.58 billion in remittances in February, 11.1 percent below the amount recorded in the same month of 2012, the country’s central bank said Monday. This was the eighth straight month in which remittances declined on an inter-annual basis. In the second month of 2013, the average remittance was $293.17, less than the $320.34 in February of 2012, the Bank of Mexico said in its monthly report.

In February, 5.4 million transactions were recorded, most of them electronic transfers. Remittances to Mexico totaled $22.45 billion last year, a decline of 1.57 percent from 2011. Remittances from expatriates are Mexico’s second-largest source of foreign exchange after oil exports and help cover living expenses for millions of households. Most of the money is sent from the United States, where an estimated 12 million Mexicans live, about half of them undocumented migrants.

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