NEW YORK — The New York Times reported this morning that the overall tide of monthly remittances to Mexico has slowed, dropping from a growth rate as high as 20% in some years to barely 2% so far this year.
Remittances from residents to their relatives in their home countries has been a significant focus of many CUs attempt to reach to lower income and underserved communities in their areas.
The article cited the slowing U.S. economy, particularly in the housing and construction sectors and a perception of stricter regulation of undocumented workers as reasons many foreign born residents are either going home or not sending as much money home.
The article quoted Donald Terry, an analyst with Inter-American Development Bank as reporting that one out of three foreign born residents who sent money home last year from states where their presence is relatively new is not sending it this year.
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