MEXICO CITY (AP) – Mexicans living in the U.S. sent home 12 percent less money in August, the largest drop on record since the Bank of Mexico began tracking remittances 12 years ago, the central bank reported on Wednesday.
After years of record gains, remittances have dropped across Latin America. In Brazil, immigration to the U.S. dropped dramatically after the real rose in value against the dollar.
In Mexico, Mexicans began sending less money home this year, economically stranding many small towns and neighborhoods that live off the stipends. The Bank of Mexico said remittances will likely continue to fall in the coming months because of the “difficult problems the U.S. economy faces.”
The bank said remittances in August dropped 12 percent to US$1.9 billion. That compares to US$2.2 billion in August 2007.
Migrants living in the U.S. have sent home US$15.5 billion in the first eight months of this year, 4 percent less than the same period the year before.
Hey, if we can get our hands on that cash, maybe we could save Wall Street.
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