Report says migrants sent $23 billion home

WASHINGTON – Immigrants helped send $23 billion home to Latin America and the Caribbean last year, according to a study by the Pew Hispanic Center and the Inter-American Development Bank.

According to earlier reports by the Inter-American Development Bank, money sent home to Latin America and Caribbean countries quadrupled in the last decade. The amounts took a dive after Sept. 11 but soon recovered to total $23 billion last year. The researchers say banks are doing a better job of tracking money sent home by immigrants, or remittances, which could account for some increases. Increased numbers of immigrants and better services also account for larger totals.

The researchers estimated that $14.2 billion will go to Mexico, El Salvador, Guatemala and Honduras this year.