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Remittances bounce back

 Remittances from Latin American emigrants back home increased by 6 percent last year to US$61 billion, the Inter-American Development Bank, or IADB reported. While higher than the $57.6 billion sent home in 2010, it is far from the $69.2 billion registered in 2008.

According to the report, “Remittances to Latin America and the Caribbean in 2011: Regaining Growth,” released in March by the IADB’s Multilateral Investment Fund, the flow of remittances point to a recovery since the 2009 financial crisis.

“For the remittance market in Latin America and the Caribbean, 2011 was a year of renewed growth after the 2008-2010 period, despite persistent economic uncertainty in Europe,” the report said.

Still, foreign exchange rates, with some Latin American currencies strengthening, were another issue. Brazil was the only country surveyed in the region that saw a 50 percent-drop in remittances to $2 billion. On top of that, they lost 15 percent of their purchasing power in the local real.

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