Immigrant workers in the US have started sending more money back to their home countries after cutting back sharply last year, yet another sign that the global economy is showing resilience.Wells Fargo, the US bank, is expected to announce on Thursday that it saw a sharp rise in global remittances, especially from the US to Mexico, in the days leading up to Mother’s day, the busiest time of year for such money transfers.
The dollar volume of global remittances jumped 57 per cent compared with a year ago in the week leading up to the holiday, a record figure, said Daniel Ayala, head of Wells Fargo’s global remittance business, which is the largest among banks that provide the service.
Thursday, May 13, 2010
Remittances Increase
From the FT:
