The Price of the Peso

I’ve already mentioned the current global credit crisis a couple of times, and how, so far, I’ve not been affected. May that long continue! But there is one event in the world of money that does affect me. The value of the peso. Dear old peso, he’s been a good friend. He (or she?) strengthened nicely before I went to the US to get married, making my TEFL derived earnings that little bit more valuable.

And now he is in a state of freefall. Which is also good! The more pesos there are to the dollar the better! I’m still doing paid posts on other blogs I maintain, and I get paid in dollars, which then have to be changed into pesos via Paypal as they make their way to my Banamex bank account.

The difference between 10 pesos to the dollar, as it was a while ago, and more than 12 pesos to the dollar as it is now is substantial. It means I’m getting 12,000 pesos instead of 10,000 pesos for every USD$1,000 I earn. Of course Paypal doesn’t use the exchange rates you see in the news, and I have to pay fees, but the gap is still there.

It’s good for all those Mexicans who work in the US and send money home, and can also help encourage investment in Mexico. It’s only when you convert your pesos and wander out of the country that it really hurts! But I have no forthcoming travel plans, so roll on the 15 peso dollar!

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