While relatively good news for international tourists and expats living here on dollar incomes, the peso’s deprecation last year had less favorable consequences for many Mexicans.
The upheavals of the past 12 months significantly impacted the Mexican currency, making 2024 the worst year for the peso against the dollar in the past 16 years.
In 2008, during the global financial crisis, the peso lost just over 25 percent of its value. Last year, the peso depreciated by 21.7 percent, or 3.69 pesos, from its level of 16.95 at the end of 2023.
The peso closed the year on December 30 at 20.66 pesos to the dollar.
The peso had been performing excellently until April 2024, even reaching its strongest level in nine years at around 16.25 to the dollar. However, geopolitical tensions in Ukraine and the Middle East, coupled with looming elections in both Mexico and the United States, began to weigh heavily on the currency.
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