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Expatriates Sent US$5.9 Billion In Remittances To Mexico In 1999

ISSN:1054-8890
LADB Article ID: 53924
Category/Department: Mexico
Date: 2000-04-12
By: LADB Staff

In a report published in early April, the Banco de Mexico (central bank) said remittances sent by Mexicans residing overseas, primarily in the US, to their home country surpassed US$5.9 billion in 1999. This is the equivalent of almost 50% of Mexico's total direct foreign investment of US$11.56 billion last year. Furthermore, the remittances sent by expatriates to Mexico were equivalent to 60% of the income the country obtained from exports of crude oil last year and greatly surpassed the US$2.8 billion in revenues obtained from tourism in 1999, the central bank said. The Banco de Mexico said remittances are becoming a growing source of income for the Mexican economy, increasing from US$3.7 billion in 1995 to almost US$6 billion last year.

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