The U.S.’s economic crisis is having a profound impact south of the border.
The amount of money Mexicans in the U.S. sent home suffered its biggest drop in history.
The Bank of Mexico said today that remittances fell 12 percent in August to $1.9 billion. That compares to $2.2 billion in August 2007.
Migrants living in the U.S. have sent home $15.5 billion in the first eight months of the year, 4 percent less than the same period the year before.
When Mexicans send less money home, it becomes economically devastating for many small towns that live off the stipends.
Remittances are Mexico’s second-largest source of foreign income, after oil exports.
More poverty in rural areas equates to increased illegal immigration to the U.S., experts say.