04 November 2011

MEXICO / USA: Remittances Soar By 21%...Fastest Rate In 5 Years.

                                       BLOOMBERG

     Remesas/remittances...from the USA to Mexico...roared back by 21% in September... y/y...the most since October 2006...to $2.08 billion.
     Observers believe the surge means more Mexican migrants in the USA are working.
     About $17.3bn was sent to Mexico in nine months of 2011...vs $16.2bn in 2010.
     “It would seem to signal that they’re making an effort to send resources, given the advantage in the sense that a dollar is buying more pesos,” said an economist. “In a certain sense, the migrants are hedging. Perhaps they’re taking advantage of an arbitrage opportunity. At the end of the day, this should serve to limit the effect of depreciation of the peso.”