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Cash sent to Mexico by migrants dropping
by Jim Cross/KTAR (July 31st, 2008 @ 5:07am)
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Money being sent home by Mexican migrants has declined for the first time in more than a decade.
Mexico's central bank says the 2 percent drop can be blamed on the downturn in U.S. housing construction and stepped-up U.S. immigration raids.
Money sent home by Mexican migrants is the country's second-largest source of foreign income, after oil exports.
Annual remittances nearly tripled from about $9 billion in 2001 to almost $24 billion in 2007.
The U.S. dollar has lost almost 8 percent of its value against the Mexican peso this year.
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