Wednesday, January 1, 2014

Dollar ends 2013 stronger against peso than it did in 2012

Guadalajara - One year ago MGR published a New Year's Eve post entitled Dollar falls unexpectedly against Mexican peso, as U.S. goes over fiscal cliff. At the close of business on Dec. 31, 2012, the dollar sold for an average 13 pesos, and bought as little as 12.25 pesos.

Today the news was much better - for dollar holders, that is. In Mexico City banks the U.S. currency sold for up to 13.4 pesos, and fetched at least 12.87 of the moneda nacional. Dollar holders in Mexico have been able to get 13 pesos, or very close to that, for many weeks now.

Speaking of greenbacks, Banixco, Mexico's central bank, likes them too. On Dec. 24 it had $176.55 billion tucked away for a rainy day.

Mexico's 2013 economic report card will be issued later this month. Many are waiting to see if GDP growth cleared 1%, much less the 1.2% predicted by both the International Monetary Fund and the Organization for Economic Cooperation and Development last fall. Wal-Mart sales in free fall a good barometer of a Mexican economy on the skids.

The Mexican minimum wage will be $5 dollars a day in 2014. It went into effect at 12:01 a.m. today.

Jan. 30 - Mexico gets its very poor 2013 economic report card
Jan. 1 - Mexico's tax man gets prestigious award

Internal revenue chief Luis Videgaray (left) and Banixco chair Agustín Carstens had a difficult 2013. Hopefully they were in better spirits at last night's New Year's Eve parties.

© MGR 2014. All rights reserved. This article may be cited or briefly quoted with proper attribution or a hyperlink, but not reproduced without permission.

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