Remittances finish 2010 slightly in the black

Tuesday, February 1, 2011

Remittances to Mexico finished the year on a strong note, expanding by 4.8% year-on-year in December to bring annual expansion for 2010 slightly into the black.

Mexicans living abroad sent a total of US$21.27bn home in 2010, according to the latest figures from central bank Banxico, just slightly higher than the US$21.24bn sent home in 2009.

The number beats the most pessimistic projections, which held out the possibility that remittances would fall again in 2010.

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Still, remittances remain about 20% off of the annual highs reached just before the global economic crisis began in 2008.