Latino Nets Sound Alarm Over Loss Of Remittances To Mexico

MRC Latino | April 6, 2020
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JUAN CARLOS LOPEZ: What does that mean, that unemployment can reach 30 percent when it is now at 3.5 percent?

 MANUEL OROZCO: A drop in remittances of no less than 3% to 5%, or about $5 billion.

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PAULINA SODI: The loss of jobs here in the United States because of the coronavirus, is also going to hurt Mexico. How? By reducing remittals that last year exceeded 36 billion dollars.

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ISSA OSORIO: Remittances are the main source of income for two million families in Mexico and many will be affected because their relatives in the United States will suffer the effects of unemployment. Last year alone, they contributed more than $36 billion, and although the issue is not yet on the presidential agenda, analysts are talking about it.

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JOSE DIAZ-BALART: Layoffs here in the United States because of coronavirus also affect Mexico because many immigrants can't send remittances.

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ISSA OSORIO: Last year alone, Mexico received $36 billion, most from the United States. But in the coming months, there could be a 20 percent reduction in money transfers.

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JESSICA ZERMEÑO: What's going to happen to remittances? Because as you know, here in Mexico, the first contact, everything, the money that comes in, the main thing is remittances.

MARIA ANTONIETA COLLINS: Specialists anticipate that remittances, the money of Mexicans living abroad send to their relatives in Mexico, will begin to decline.

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JESSICA ZERMEÑO: Most of the money that enters this country are remittances. Last year, $36 billion came here from Mexicans in the United States. That was an all-time record. Imagine what's  going to happen if these Mexicans over there with you, don't send their relatives money. This is going to be dreadful chaos. Of course there are no estimates yet, but the forecasts for the Mexican economy are terrifying.

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NICOLE SUAREZ: In  Mexico they are still more worried about the economy than the virus. Almost $5 billion, that's the amount that two million Mexicans living off remittances would stop receiving, mostly from the United States.

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