MEXICO BANK – The Remittances Sent To Mexico Fall 36%

The Bank of Mexico said Tuesday that remittances to Mexico fell 36% to $1.69 billion in October from $2.64 billion in the same month last year.

The October numbers were also lower than the $1.74 billion that Mexican workers sent home to Mexico  in September, the central bank said.

Remittances for the first 10 months of the year fell 16% from the year-earlier period, to $18.13 billion.

Remittances in dollar terms have slumped this year due to a recession in the U.S., which caused rising unemployment among migrant workers who send money home to their families.

After peaking in 2007 at $26.07 billion, remittances fell 3.6% last year to $25.14 billion

• Statistics published on the bank’s Web site Tuesday indicate migrants sent $18.1 billion in the first 10 months of 2009, a 16 percent drop from the same period last year.