Geoff Beck
February 1st, 2006, 11:11 AM
Bank of Mexico Reports Remittances Sent Home by Mexicans Living Abroad Rise to $20B in 2005
January 31, 2006 - 16:49:45
MEXICO CITY (AP) - Remittances sent home by Mexicans living abroad rose to US$20 billion (euro16.5 billion) in 2005, a 17 percent increase over the year before, the Bank of Mexico reported Tuesday.
Remittances climbed by more than US$5.3 billion (euro4.4 billion) in the fourth quarter of 2005 alone, the bank said. They totaled US$16.6 billion (euro13.7 billion) in 2004.
Remittances have been climbing steadily for years, surpassing the amount the country receives from tourism, which totaled US$10.7 billion (euro8.8 billion) in 2005.
The country's top source of foreign income is oil, whose exports totaled US$31.7 billion (euro26.2 billion) in 2005. Approximately 11 million Mexican natives reside abroad, with 98 percent of that number residing in the United States.
SOURCE: http://www.moneysense.ca/news/company_news/shownews.jsp?content=D8FFTN2GG_ap
January 31, 2006 - 16:49:45
MEXICO CITY (AP) - Remittances sent home by Mexicans living abroad rose to US$20 billion (euro16.5 billion) in 2005, a 17 percent increase over the year before, the Bank of Mexico reported Tuesday.
Remittances climbed by more than US$5.3 billion (euro4.4 billion) in the fourth quarter of 2005 alone, the bank said. They totaled US$16.6 billion (euro13.7 billion) in 2004.
Remittances have been climbing steadily for years, surpassing the amount the country receives from tourism, which totaled US$10.7 billion (euro8.8 billion) in 2005.
The country's top source of foreign income is oil, whose exports totaled US$31.7 billion (euro26.2 billion) in 2005. Approximately 11 million Mexican natives reside abroad, with 98 percent of that number residing in the United States.
SOURCE: http://www.moneysense.ca/news/company_news/shownews.jsp?content=D8FFTN2GG_ap