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Mexican Firm Cemex Starts Currency Service

IN BRIEF / Southland

July 12, 2001|Reuters

Mexico's Cemex, the third-largest cement maker in the world, said it is launching a currency transaction service for Mexican immigrants in the U.S. who send millions of dollars home annually to build new dwellings.

Cemex said it has launched its new service, Construmex, in Los Angeles to enable Mexican immigrants living here to send their money directly to Cemex distributors in Mexico to purchase construction materials.

Hector Molina, head of Construmex, told reporters that the new service aims to help Mexicans north of the border avoid losing money through fluctuations in the exchange rate and delays in currency transactions.

Mexicans living in the U.S. send $8 billion to $11 billion home to their families each year, about 15% to 20% of which is used to build or enlarge houses, Molina said.

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