Remittances to Mexico fall in May

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IANS/EFE | 02 Jul, 2013
Remittances sent by Mexicans living abroad fell 13.2 percent to $2.03 billion in May, compared to the same month in 2012, the Bank of Mexico said Monday.

May marked the 11th consecutive month that remittances have fallen, the central bank said.

The average remittance totaled $286.81 in May, down from the $329.81 registered in May 2012, the central bank said in its monthly report.

A total of 7.1 million transactions, the majority of them electronic funds transfers, were registered in May, the Bank of Mexico said.

Remittances totaled $22.44 billion in 2012, down 1.57 percent from 2011.

Remittances sent by Mexicans living abroad are the country's second-largest source of foreign exchange and help cover the living expenses of millions of people.