Feb 042013

Mexico’s central bank has released figures showing that remittances entering Mexico in 2012 totalled $22.446 billion, 1.57% less than the $22.803 billion  recorded in 2011. [All figures in US dollars.]

The central bank registered 71.62 million remittance movements in 2012, 2.52% more than the year before. The average remittance fell by about 4% from $326 in 2011 to $313 in 2012.

The state receiving most remittances was Michoacán which accounted for $2.209 billion, almost 10% of the total.

Remittances are the second largest source of foreign exchange after oil and gas revenues and are a vital source of funding for millions of people.

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