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Fears of Trump spur near-record cash transfers from US to Mexico
[FOX] With fears the Trump administration will tax or block south of the border cash transfers, remittances sent to Mexico from the United States jumped 15 percent in March from the same period last year – marking one of the largest cash transfers from Mexicans living north of the border to friends and family back home.Mexico's central bank, Banxico, reported that around $2.5 billion in cash transfers were sent to the country from the U.S. last month, compared to $2.2 billion a year earlier -- and making March the third largest in U.S.-Mexico remittance history. In October 2008, individuals sent to Mexico $2.6 billion and in May 2006 $2.5 billion went to the country. "This is due to uncertainty about the measures that Trump has announced, such as preventing any undocumented people from sending money abroad or applying a remittance tax of up to 5 percent,” Juan José Li Ng, a senior economist at BBVA Bancomer, told Reuters. Lots of discussion about a federal gasoline tax hike. Apparently no discussion about a remittance on money transfers to the Mexicans. Our fine representatives at work in Washington. Posted by: Skidmark 2017-05-05 |
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