Mexico’s ’Super Peso’ Creates Both Winners and Losers Yussel Gonzalez - Agence France-Presse
go to original June 25, 2023

Mexican Peso Soars: The Super Currency Phenomenon! (CaliCrypto Finance)

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.

Some 4.6 million households across the country receive remittances - the country's largest source of foreign currency - largely thanks to the Mexican diaspora in the United States.

The government estimates that in 2023 remittances could exceed last year's record high of more than $58 billion.

This month the Mexican currency reached its strongest levels against the greenback since 2016, earning itself a new nickname - the "super peso."

On Friday, it stood at around 17.1 per dollar, compared to 25 in March 2020 when the coronavirus pandemic began.

Some say the days of the "super peso" could be numbered. Read the rest at Yahooo!News