The Mexican Peso is getting stronger right now, and has been since the height of the pandemic. But what does that really mean? I explain using three common examples from everyday life in Mexico.
The exchange rate impacts the cost of living in Mexico, along with inflation. But most expats either have savings in dollars or they are earning dollars, so the impact of the exchange rate comes in to play. The only way to avoid this is to open a Mexican bank account and put in a lot of pesos which you can spend into the future. But, the exchange rate will be important when you put those pesos into the account.
The peso is currently trading around 17.50 pesos per dollar, and 3 years ago it peaked at nearly 25 pesos per dollar.
Here’s a video about WHY the exchange rates in Mexico are so strong (but YouTube notes that there may be Chinese influence on this video, and the video does not mention Chinese investment impact on the exchange rate.)
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