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Remittances to Mexico rise 7.89 pct.

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Remittances sent to Mexico by emigrants totaled $9.58 billion in the first five months of 2014, up 7.89 percent compared to the same period last year, the Bank of Mexico said.

Mexico received $8.87 billion in remittances during the January-May 2013 period, the central bank said in its monthly report.

The average remittance was $293.72 in the January-May period, up slightly from the $293.58 average registered in the same period last year, the central bank said.

The number of transactions increased 7.85 percent to 32.62 million, with the majority of remittances sent via electronic funds transfers, the central bank said.

Mexico received $21.58 billion in remittances in 2013, a figure that was down 3.8 percent compared to 2012, when emigrants sent $22.44 billion to their homeland.

Remittances sent by Mexicans living abroad, mainly in the United States, are the country's second-largest source of foreign exchange, after oil, and help cover the living expenses of millions of people.

[readon1 url="http://latino.foxnews.com/latino/news/2014/07/02/remittances-to-mexico-rise-78-pct/"]Source:latino.foxnews.com[/readon1]

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