Sending Money Home To Latin America
May 17, 2001
Immigrants living and working abroad send $20 billion a year to family and friends remaining in Latin America, according to a study conducted by an arm of the Inter-American Development Bank.
- The amount already exceeds development assistance and is equal to nearly one-third of all foreign investment in the region.
- The payments account for at least 10 percent of the gross domestic product in six countries -- Haiti, Nicaragua, El Salvador, Jamaica, the Dominican Republic and Ecuador.
- Nearly $6.8 billion goes to Mexico each year -- followed by almost $1.9 billion to Brazil and $1.75 billion to the Dominican Republic.
- The sums generally range in the lower hundreds of dollars per transfer -- with most persons sending money eight or 10 times a year.
It is estimated that cash remittances from migrants in the United States to Mexico, Central America, and the Caribbean alone will total almost $300 billion over the next ten years.
Source: Tom Carter, "Plan Will Make Sending Money Home Easy," Washington Times, May 17, 2001.
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