’The current outbreak of Swinefever may have an impact on remittances to Mexico’ says Leon Isaacs, Managing Director of The International Association of Money Transfer Networks (IAMTN). Mexico is the third largest receiver of remittances in the World with the vast majority of the transactions being sent from the USA. Whilst the shutting down of most businesses will make it impossible or very difficult for people to collect money there may well be other side affects.
Already the Mexico peso has lost about 3.5% of its value against the US dollar. ’When the peso weakens people are more inclined to send more money home. When we saw a 20% fall in the value of the Peso in October 2008 there was a big spike in remittances. People sending money are far more aware of the importance of exchange rates’ says Isaacs. ’However, it remains to be seen whether a change of a smaller magnitude will have such a big impact. We are coming up to the busiest sending time for remittances with Mother’s day taking place in May and undoubtedly remitters who are concerned about the health of their loved ones will be keen to send money to help with medication. All in all this is likely to be a busy time for people sending to Mexico.
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