If you had driven along San Ysidro Boulevard on Wednesday night, you may have noticed funds transfer shops now asking for 18 peso for every penny.
Only a few weeks ago, the charge was 16 to 1. However, the currency has been declining in value against the dollar since Claudia Sheinbaum was elected president earlier this month.
According to experts, her need to reform Mexico’s judicial system and other institutions has caused instability in the country’s economic markets.
Folks like Robert Estrada are happy they are getting more pesos for their money, regardless of the reason for the depreciation.
” I go once a week, maybe more, depending on what’s going on”, Estrada said.
Estrada was receiving peso for a lender deal in Tijuana on this day.
Being able to get more peso for his money is always a and, he claimed to Border Report, because he resides on both sides of the border.
” Living in a border community, I’m really reliant on it”, he said.
The currency is expected to remain soar for the rest of the year, according to money analysts.
Forecast. According to org, the transfer rate will increase to 24 pesos per penny by November.
Estrada said he’d been OK with it.
” I want it to go up so I can get more, but I also know that the people who work there are going to be harmed by it.”
