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Mexican immigrants sending more money home

Jan. 12, 2012 at 4:19 PM   |   Comments

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LOS ANGELES, Jan. 12 (UPI) -- The amount of money sent home by Mexican immigrants in the United States was up 8 percent last year after a three-year drop, analysts say.

Western Union Co. and other money transfer businesses report 2011 was a good year, the Los Angeles Times reported. Western Union said revenue from its Mexican business was 5 percent higher in the third quarter than in the same period in 2010.

Maria Guadalupe Gutierrez, one of those wiring money to Mexico, said she is able to send more because she is getting more business as a house cleaner.

Foreign remittances, mainly from the United States, are Mexico's second-largest source of foreign exchange after oil exports.

They peaked at $26 billion in 2007 as the housing boom hit its top and are expected to be $23 billion for 2011.

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