Mexico’s ‘Super Peso’ Creates Both Winners And Losers
News Category: News and General Discussion
-
Published June 27, 2023
Rosario Crisostomo thought she had been cheated when she counted the money sent by her son from the United States. But there was no scam, only a Mexican currency going from strength to strength.
Once a laggard of the international foreign exchange market, the peso is among the world’s best performing currencies this year.
A combination of high interest rates in Latin America’s second-largest economy, financial stability as well as inflows of remittances and foreign investment have seen the Mexican currency post double-digit percentage gains against the dollar in 2023.
“I thought they were cheating me, telling me that the dollar was low to give me less, but then I saw that they weren’t,” Crisostomo told AFP from the town of Piaxtla, in the central state of Puebla, where she lives with her grandson.
-
Leave a Reply