CFE to study remittance distribution service

Mexico's state-run electricity monopoly CFE is looking into the feasibility of channeling remittances sent by Mexican migrants in the US through its nationwide network of offices. "Even though these aren't approved projects, why not be a receiver of remittances from the US given we have more offices than almost any bank. We are looking into it," CFE director general Alfredo Elías Ayub was quoted as saying Saturday on the presidential radio program Fox Contigo. Remittances sent home by Mexicans living abroad totaled US$13.3bn in 2003, according to Mexico's central bank, a 35.1% increase compared to the previous year and well above foreign direct investment of US$11bn. Foreign and domestic banks have taken a keen interest in Mexico's remittance market, which continues to be dominated by wire service firms like US-based Western Union.