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> # Mexican president praises strength of peso against dollar
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> MEXICO CITY, June 8 (Xinhua) -- Mexican President Andres Manuel Lopez Obrador on Thursday hailed here the current strength of the Mexican peso against the dollar and declining inflation, saying it was partly due to policies to contain prices.
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> "We will continue to be careful that inflation does not increase," Mexico's president said at a press conference. "When there is inflation, income is greatly affected. Salaries can be increased, but if there is a rise in inflation, you lose purchasing power."
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> To counter the rise in prices affected by inflation, the Bank of Mexico opted to raise interest rates. At the same time, he said the government agreed with producers and sellers to offer the basic basket of goods at "fair" prices.
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> He added that government measures to cap fuel and electricity prices have also helped fight inflation.
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> He also emphasized that the Mexican peso is the "strongest currency in the world against the dollar," which is quoted at 17.55 pesos, the best level recorded since 2016.
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> The National Institute of Statistics and Geography (Inegi) reported Thursday that inflation in Mexico was 5.84 percent year-on-year as of May. A report by the Banorte Financial Group noted inflation was below 6 percent for the first time since August 2021.
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> Mexico closed 2022 with inflation of 7.82 percent, its highest level in two decades. The Bank of Mexico has set target inflation at 3 percent and expects to meet the target by the end of 2024. ■
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On the one hand - Mexico can buy oil cheaper
On the other hand - Mexico's exports increased in price, specifically for their primary customer.
On the gripping hand, it sounds good for a presidential speech.
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When "strength of the peso vs dollar" is the headline, the absolute number matter.
If the article was, "We've made marginal improvements to a broken system" then sure, throw a percentage party.
You're right. Since it's economic. Usa Corp has a factory paying people x pesos a day to run. Now it costs 15% more. It's 10% higher than precovid but must lower than anything 2015 or before. I'm not sure how their economy was back then.
Either way it allows them to buy oil 15% cheaper since that's denominated in usd
A Peso is basically a nickle. They use a smaller denomination as the standard but that does not mean their economy is that much weaker. Take Japan for example uses the yen which is less than 1/10th of a US cent, but thier smallest bill is 1000 yen.
##### ###### #### > # Mexican president praises strength of peso against dollar > > > > MEXICO CITY, June 8 (Xinhua) -- Mexican President Andres Manuel Lopez Obrador on Thursday hailed here the current strength of the Mexican peso against the dollar and declining inflation, saying it was partly due to policies to contain prices. > > "We will continue to be careful that inflation does not increase," Mexico's president said at a press conference. "When there is inflation, income is greatly affected. Salaries can be increased, but if there is a rise in inflation, you lose purchasing power." > > To counter the rise in prices affected by inflation, the Bank of Mexico opted to raise interest rates. At the same time, he said the government agreed with producers and sellers to offer the basic basket of goods at "fair" prices. > > He added that government measures to cap fuel and electricity prices have also helped fight inflation. > > He also emphasized that the Mexican peso is the "strongest currency in the world against the dollar," which is quoted at 17.55 pesos, the best level recorded since 2016. > > The National Institute of Statistics and Geography (Inegi) reported Thursday that inflation in Mexico was 5.84 percent year-on-year as of May. A report by the Banorte Financial Group noted inflation was below 6 percent for the first time since August 2021. > > Mexico closed 2022 with inflation of 7.82 percent, its highest level in two decades. The Bank of Mexico has set target inflation at 3 percent and expects to meet the target by the end of 2024. ■ - - - - - - [Maintainer](https://www.reddit.com/user/urielsalis) | [Creator](https://www.reddit.com/user/subtepass) | [Source Code](https://github.com/urielsalis/empleadoEstatalBot) Summoning /u/CoverageAnalysisBot
"Strength"
On the one hand - Mexico can buy oil cheaper On the other hand - Mexico's exports increased in price, specifically for their primary customer. On the gripping hand, it sounds good for a presidential speech.
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Oh sure, it's rocketed up from .050 MXN to the USD all the way to .058 MXN in just a year! 😂
A 15% rise is quite significant, actually. Absolute numbers are not relevant
When "strength of the peso vs dollar" is the headline, the absolute number matter. If the article was, "We've made marginal improvements to a broken system" then sure, throw a percentage party.
You're right. Since it's economic. Usa Corp has a factory paying people x pesos a day to run. Now it costs 15% more. It's 10% higher than precovid but must lower than anything 2015 or before. I'm not sure how their economy was back then. Either way it allows them to buy oil 15% cheaper since that's denominated in usd
bruh get outta here with your low IQ
It would only take 5 years of that sort of growth before the peso doubled in value compared to the dollar.
We both know that isn't going to happen, but even if it did... wow... a whole $.1
A Peso is basically a nickle. They use a smaller denomination as the standard but that does not mean their economy is that much weaker. Take Japan for example uses the yen which is less than 1/10th of a US cent, but thier smallest bill is 1000 yen.