MEXICO. -Mexico received last October 17.1 billion in remittances, representing a fall of 7.1% over the same month in 2011, said the Bank of Mexico (Banxico).
A remittance is money that is sent by immigrants to their countries of origin, which for most of them it is money that comes from their salaries and wages for their labor in foreign countries.
These remittances sent by immigrants are also a key factor for economic development which in Mexicos case, it is the second source of foreign exchange after oil, and are an important source of income for millions of people.
**Video: Remittance to Mexico
In the time period between January to October, remittances totaled 19.1 billion, a figure 0.9% lower than in the same period of 2011, said the issuing bank.
The average amount per transaciton sent in the tenth month of the year was $299 dollars, compared to $318 which represents a decrease of 5.8% that immigrants living abroad sent to Mexico in the same month of 2011.
In total last October 5.9 million transactions were made, which mostly were through electronic transfers, and slightly less than 6 million transactions in August of last year.