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Posts Tagged ‘remittances

Remesa Reversal

9:34 am By Maegan la Mamita Mala · Dominican Republic|Dominicans|economy|Money · 1 Comment

18 May 2009

g_3472__324612fbc718498The current economy has had an impact on all communities, but especially Latinos, who were already feeling the pinch. This has caused a reduction in the amount of money that immigrant communities are sending to their home countries, and anti-immigrant scapegoating has a role to play as well. Pero here’s a very interesting development, as reported by Feet in 2 Worlds, remesas have started to change their usual traveling direction, with money coming from Latin America to the United States.

“We have seen a significant increase in the number of money transfers made from the D.R. to the U.S.,” confirmed Reny Pena, supervisor of customer services and transfers at the company’s office [La Nacional] in the Upper Manhattan neighborhood of Washington Heights.

Pena said that the volume of transfers from the Dominican Republic to the U.S. grew from between 80 and 120 monthly transfers in 2006 to the current rate of about 150 transfers a day. The increase has prompted the agency to expand the department that deals with U.S.-bound remittances from one to five employees.

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capt.b2a91d645afabe619a7496605d63593a.jpgIs Western Union-ing some money back to your familia in Mexico destroying the family structure in Latin America? That’s what some experts are saying. While the economies of Latin American countries are bolstered by the remittances made from the U.S. by immigrants to their families (some sources say 20 billion dollars per year in Mexico alone), this practice is also having very negative effects, reports The Miami Herald‘s Andres Oppenheimer:

…at the meeting of mayors in Miami last week, United Nations and Colombian national police consultant Hugo Acero Velasquez said not everything about the remittances is positive: The massive migration of Latin American men is leaving behind fatherless children, who often grow up raised by grandparents who tend to be too permissive.

As a result, millions of children are growing up on the streets. In countries with high youth unemployment rates, they often end up doing criminal jobs for drug-trafficking or other organized-crime gangs, other experts said. According to the latest World Health Organization figures, Latin America is the most violent region in the world after Africa. It has an annual average of 19 violent killings per 100,000 inhabitants, more than twice the world average.

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