The Associated Press May 2, 2011, 1:36PM ET

Mexico's remittances up 5.5 pct in 1st quarter

Mexico's central bank says the amount of money migrant workers sent home in the first quarter of 2011 increased by 5.5 percent compared to the same period last year.

The bank says remittances totaled just over $5 billion in the first three months of 2011, up from $4.8 billion in the first quarter of 2010.

The bank reported Monday on its website that remittances in March totaled $2 billion, a 4.8 percent increase over the same month last year. It is the sixth consecutive month that the bank has seen an increase in remittances after a drop that began in 2008.

Remittances are Mexico's second-largest source of foreign income after oil exports. Nearly all the money comes from the U.S., where nearly 12 million Mexican citizens live.


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