Mexican Remittances Jump 13 Pct As Peso Weakens

MEXICO CITY (AP) – The amount of dollars sent home by Mexicans living abroad has jumped 13 percent as the peso weakens against the U.S. currency.

Mexico’s central bank says Mexicans sent home $2.4 million in October. That’s a rise from the same month last year. The peso dropped to record lows in October, briefly trading at 14 to the dollar as investors shed fled to the relative safety of the greenback.

A stronger dollar means dollars sent home buy much more in Mexico. It’s a wage hike of sorts for the relatives of migrants lucky enough to still find jobs in the U.S. Remittances are Mexico’s second largest revenue source. Overall, they are down nearly 2 percent this year.

(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-12-01-08 1049EST