Increase in remittances.Latin American immigrants in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. will send more than US$30 billion home to their countries of origin this year, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. a survey published by two international development agencies in mid-May.
In a press conference to release the survey results, Donald Terry of the Multilateral Investment Fund (MIF (1) (Maker Interchange Format) An alternate file format for a FrameMaker document. A MIF file is ASCII text, which can be created in another program and imported into FrameMaker. ) that conducted the research in conjunction with the Inter-American Development Bank Inter-American Development Bank (IDB)
international organization founded in 1959 by 20 governments in North and South America to finance economic and social development in the Western Hemisphere. (IDB (ITS Data Bus) An interface between devices in an automobile endorsed by the Society of Automotive Engineers (SAE). Designed to fulfill the goal of Intelligent Transportation Systems (ITS), the ITS Data Bus enables engine diagnostic equipment, GPS navigation systems, ) said, "Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. is the world's biggest market for remittances, and it is the one that is growing the fastest."
About 75% of remittances to the region come from the United States.
However, Terry pointed out that the new figures are nothing for Latinos to celebrate, as it indicates that Latin American nations are not generating enough employment and income for their citizens and that people are leaving to find opportunities elsewhere.
The IDB also noted that last year remittances to Latin America surpassed the level of foreign direct investment in the entire region.
The U.S. state that generates the largest amount of remittances for Latin America is California, from which immigrants sent US$9.61 billion last year, followed by New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (US$3.56 billion) and Texas (US$3.18 billion).
Mexican immigrants alone sent over US$13 billion dollars to Mexico in 2003.
OPEC OPEC: see Organization of Petroleum Exporting Countries.
in full Organization of the Petroleum Exporting Countries
Multinational organization established in 1960 to coordinate the petroleum production and export policies of its TO WORLD: LAY OFF
The president of OPEC said in late May the petroleum cartel was not responsible for the recent surge in oil prices, which at press time was near US$42 per barrel in the United States.
Indonesian Energy Secretary Purnomo Yusgiantoro, who currently holds OPEC's rotating presidency, said the cartel is producing at 85%-90% of its total capacity, and he refused to allow OPEC to be used as a scapegoat for high prices.
"Other players, non-OPEC member countries, market intermediaries, speculators and consumers also contribute to the rise in petroleum prices," Yusgaintoro said.
He added the oil cartel is actually producing 23.5 million barrels a day (bpd), which is 2 million barrels above its official quota. If the production of OPEC member Iraq is included, production stands at 28 million bpd.
Markets are hoping that during OPEC's next official meeting in Beirut on June 3 a formal decision will be taken to raise the daily production quota to 25 million bpd, which some experts believe could help bring down world oil prices.