A Change of Fortune: Remittances to Mexico Fall, Weakening Washington’s Diplomatic Clout.

Council on Hemispheric Affairs, July 31, 2008 - “On July 30, the Mexican central bank reported that remittances coming from overseas nations—mainly the U.S.—have dropped 2.9 percent this year. This was the first decline since the practice began being accurately measured. In 2007, remittances flowing into Mexico reached an all time high of $23.98 billion, but Mexican officials recently predicted a decline this year of 1.5 to 2 percent as a result of the United States’ housing crisis and soaring food prices. Also contributing to the drop is the current crackdown on illegal immigration which has made it difficult for many Mexican nationals to gain entry across the border or find jobs in the United States.” Read more.