![]() The dollar is also the official currency in which the Bank of Mexico saves its international reserves. ![]() In this website, we show the price of the dollar in Mexico’s leading banks, updating its value every 30 minutes to keep you well informed about the current dollar value or commonly called "Dollar Today", the banks that we show are:īanamex, CitiBanamex, Santander, Monex, Banjercito, Banco de Mexico, HSBC, Banorte, BX+,īanco Azteca, Inbursa, Scotiabank, Banco del Bajio, Bancomer, IxeĪs extra information, it is noteworthy that the stock market of all countries use the dollar as an element on which various transactions are measure and guarantee. The dollar’s role in the Mexican economy is clearly one of the main elements of which depends on stability, and that is the main currency in which remittances are received from the United States, representing the second largest source of income in the country. The importance of this currency, especially lies to Mexico that this country belongs to the FTA (Free Trade Agreement) which is composed of Mexico, USA and Canada, and also 80% of its exports are to the United States, this being the main reason, which is important to know the price of the dollar and its behavior in the currency conversions. Since a long time the dollar is and remains the most widely used currency in the world economy, some countries like Panama, El Salvador and Ecuador adopted the US dollar as its official currency. In the international standard ISO 4217 is defined as USD (United States Dollar) or what is the same, "American Dollar". The US dollar is the most important currency in the world. If you are going to buy, your best option is: BancaMifel in $0.00 pesos per dollar. The peso settled at a record low of 59 per US dollar four times in October.If you are going to sell, your best option is: Monex in $17.57 pesos per dollar. ![]() A weak peso exacerbates the impact of imported inflation. 15 the benchmark interest rate by 50 basis points to a more than 14-year high of 5.5 percent to prevent the second-round effects of inflation and support the peso against the dollar. The Monetary Board, the policy-making body of the BSP, raised on Dec. The BSP was expecting remittances to rise 4 percent in 2022.īSP Governor Felipe Medalla earlier said, “the worst is over for the strong dollar.” The Philippine Statistics Authority will release the official December inflation in the first week of January.ĭata from the Bangko Sentral ng Pilipinas showed that cash remittances in October rose to a three-month high of $2.911 billion, an increase of 3.5 percent from $2.812 billion a year ago, bringing the 10-month tally to $26.736 billion, up 3.1 percent from $25.929 billion a year earlier. He said any advantage might be offset by higher inflation which hit a new 14-year high of 8 percent in November and could still peak in December. Ricafort said the more than 8-percent depreciation of the peso against the dollar since the start of the year might have benefitted OFWs and their families, exporters, business process outsourcing, foreign tourism businesses and others that earn in US dollars. He said the still relatively weaker peso in recent months could increase the possibility of further local interest rate hikes amid recent signals from monetary authorities on possibly matching future Fed rate adjustments if inflation remained high. Ricafort said the local currency’s performance was in line with the movement of other regional currencies such as the Indian rupee, Chinese yuan, Indonesian rupiah, Malaysian ringgit and Thai baht. The peso lost P4.151 or 8.1 percent of its value this year from 50.999 on the last trading day of 2021. “And so expect renewed weakening starting Q1 2023,” they said. and the University of Asia and the Pacific said in a joint report that while the peso-dollar exchange rate strengthened in November and December, “this will prove unsustainable.” 23 after hitting a record low of 59 in October.Įconomists from First Metro Investment Corp. The peso closed at 55.15 a dollar on Dec. chief economist Michael Ricafort said in a reply to a Manila Standard query the peso might average between 56 and 57 against the greenback by the end of the first quarter in 2023. The peso will likely weaken in the first quarter of 2023 from the 55-per-dollar level in December that saw seasonally high remittance inflows as Filipinos working overseas sent more money to their families for holiday spending.
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