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Jul 1, 2009, 18:20 GMT

Remittances from Mexican expatriates fell 20 per cent in May

Mexico City - Remittances from Mexicans working abroad fell 19.87 per cent in May, as compared to the same period last year, Mexico's central bank said Wednesday in its monthly report. Mexican migrants sent 1.9 billion dollars home in May, compared to almost 2.4 billion dollars in May 2008, according to the Bank of Mexico. Given the widening global financial crisis, the May remittances were higher than that of the previous month, when expatriates sent home less than 1.8 billion dollars. During the first five months of this year, Mexican migrants sent home close to 9.2 billion dollars, compared to 10.3 billion dollars in the same period of 2008. In recent years, remittances have been the second-largest inflow of foreign currency for Mexico, after the sale of oil. Remittances fuel economic activity in many small Mexican towns and are often the only source of income for some families.

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