By Eliane Portillo

Mexico received $1.77 billion in remittances in November, up 8.86 percent compared to the same month in 2010, the Bank of Mexico said Monday.

Remittances sent by Mexicans living abroad are the country’s second-largest source of foreign exchange and help cover the living expenses of millions of people.

Mexico received $20.96 billion in remittances between January and November 2011, a figure that was up 7.16 percent from the same period in the prior year.

Most of the remittances are sent from the United States, where an estimated 12 million Mexicans live, with about half of them being undocumented migrants.