The slide in Mexico’s remittances has, according to BNP Paribas, showed few signs of abating.
In fact, the analysts say it could be accelerating:
As BNP Paribas pointed out in their Mexican note this week:
The ongoing problems in the US economy, especially in its construction sector, and the return of Mexican migrants back home, explain the sharp decline in remittances.
Related links:
Mexico’s new ‘C’ for commodity banker - FT Alphaville
Fitch downgrades Mexico – FT Alphaville