MEXICO CITY (AP) -- The amount of dollars sent home by Mexicans living abroad has jumped 13 percent as the peso weakens against the U.S. currency.
Mexico's central bank says Mexicans sent home $2.4 million in October. That's a rise from the same month last year.
The peso dropped to record lows in October, briefly trading at 14 to the dollar as investors shed fled to the relative safety of the greenback.
A stronger dollar means dollars sent home buy much more in Mexico. It's a wage hike of sorts for the relatives of migrants lucky enough to still find jobs in the U.S.
Remittances are Mexico's second largest revenue source. Overall, they are down nearly 2 percent this year.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.