While Rosario Crisostomo calculated the funds her son through the United States had provided, she felt tricked. However, there was no swindle; instead, the value of the peso in Mexico was increasing.
The peso, always an outsider in the global currency market, has had some of the strongest performance this year.
The second-biggest market in Latin America has high-interest rates, financial security, and also migration and foreign capital flows, which have resulted in the Mexican peso posting double-digit percentage increases versus the dollar in 2023.
Based on the city of Piaxtla in the central state of Puebla, where she resides with her grandson, Crisostomo spoke to AFP. “I believed they had been scamming me, informing me that the value of a dollar was down and offering me less, and later I realized that they weren’t,” she said.
Remittances, the biggest source of foreign currency in the nation, are received by over 4.6 million families nationwide, mostly because of the Mexican diaspora in the United States.