MEXICO CITY (AP) — One of Mexico's biggest banks said Tuesday that migrants are likely to send home even less money this year, forecasting a second straight year of declining remittances.
Banamex, a unit of Citigroup Inc., estimated remittances will drop by 2.5 percent this year.
It also estimated 2008 remittances dropped 2.0 percent to $23.5 billion, the first annual decline since the bank starting tracking the money 13 years ago. Mexico's central bank will release those figures Jan. 28.
Banamex attributed the drop to the U.S. recession in which thousands of Mexican construction workers have lost their jobs, and a drop in the number of Mexicans attempting to illegally cross the heavily patrolled U.S. border.
Remittances are Mexico's second largest source of foreign income after oil.
