More money sent

Migrants from Latin America and the Caribbean will send home about US$1 billion more in 2008 than they did in 2007.

However, rising inflation across the globe has meant that this year’s total will be worth 1.7 per cent less than the total sent in 2007, marking the first time this decade that remittances to Latin America and the Caribbean are expected to decrease in value.

Based on an analysis of recent remittance data, the MIF estimates that migrants will send some US$67.5 billion to their homelands in 2008 as opposed to the US$66.5 billion sent in 2007.