Mexico's May Remittances Up 7.8% on Year Amy Guthrie - Dow Jones
go to original July 2, 2012

MEXICO CITY - Remittances from Mexicans living abroad rose 7.8% in May from the year-ago month thanks to an increase in the number of transfers as well as a higher dollar amount in the average transfer, the Bank of Mexico said Monday.

The central bank said remittances in May were $2.34 billion, bringing the total for the first five months of the year to $9.7 billion. In April Mexicans sent $2.03 billion back home.

Remittances from Mexicans working abroad, mostly in the U.S., provide one of the biggest single sources of dollar inflows into Mexico, ahead of foreign tourism, which brought in $3.6 billion the first quarter of this year.

The Bank of Mexico reported just under 7.1 million transfers made in May, up from 6.8 million in the year-ago month. The average per transfer was also higher at $329.21.

Remittances in 2011 were $22.7 billion.

Write to Amy Guthrie at amy.guthrie@dowjones.com

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