Brian Dalziel
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Mexico's mighty peso posted biggest gains in over 30 years in 2023 By Noe Torres December 29, 2023 Source: Yahoo Finance website news MEXICO CITY, Dec 29 (Reuters) - The Mexican peso closed on Friday to end its strongest year against the U.S. dollar in more than three decades, although analysts warned its gains could slow in 2024 as the central bank is expected to lower record-high borrowing costs. The currency, which President Andres Manuel Lopez Obrador and others call the "super peso," closed at 16.95 units to the dollar with an cumulative gain of almost 13% in 2023, its strongest annual performance since 1989, when data is first available on LSEG. "The peso's appreciation this year was something unusual, something that no one could have predicted," Jonathan Heath, deputy governor at the Bank of Mexico, wrote on social media on Friday. The peso's surge made it one of the world's top performing currencies, second only to the Colombian peso, triggering warnings over how this could hurt competitiveness of Mexican exports and the purchasing power of remittances - two pillars of the Mexican economy. The peso's appreciation, closing on Friday even below the psychological barrier of 17 pesos per greenback, has been attributed to capital inflows from abroad as well as restrictive monetary policy pursued by the central bank since June 2021 aimed at tackling creeping post-pandemic inflation. Banxico, as Mexico's central bank is known, has since March held its benchmark interest rate at a record-high 11.25%, but is expected to begin cutting rates in the first quarter of 2024. Analysts argue such cuts could cause the value of the peso to weaken to above 18 pesos per dollar. Also potentially impacting the peso next year are presidential elections in Mexico and the U.S., which should inject volatility into the peso's outlook, said Humberto Calzada, chief economist at Rankia Latinoamerica. "Still, we believe that 18 (per dollar) is an acceptable level for the exchange rate," he added. end
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Things Better NOB--They can go fishing!
Brian Dalziel replied to Mainecoons's topic in Ajijic/Chapala/Guadalajara
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I have checking accounts at both banks -- can't comment on savings or investments. Multiva has good service when I deal with an agent there I know (somewhat like having a personal banker). Intercam is better when I go in and see whoever is available (Intercam agents are well trained to help all clients.) Intercam's on-line banking system is easier to use and more intuitive (on the desk-top; I don't use the smart phone apps). The Multiva branch has turned-over most of their service agents recently. I've had no financial issues with either bank in five years.
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New assisted living facility at Mirasol?
Brian Dalziel replied to Pelican9's topic in Ajijic/Chapala/Guadalajara
Just saw this announcement posted in the "Everything Lake Chapala and Ajijic Chat Group" facebook group. -
When I had this problem with my Volkswagen Crossfox I discovered the battery was being drained by a small interior light that was switched on in the rear luggage storage area. That area was hidden under a cargo security cover, so I could never see that the light was on, even when it was dark outside.
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Things Better NOB--They can go fishing!
Brian Dalziel replied to Mainecoons's topic in Ajijic/Chapala/Guadalajara
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Looking To Hire IT Person........
Brian Dalziel replied to pedro malo's topic in Ajijic/Chapala/Guadalajara
The IT Lake Chapala Facebook Group maintains a list of local IT service providers. They use the Dropbox file hosting service to share the list with the community: Resource Guide Updated 8/17/2023 https://tinyurl.com/ITLC-guide -
Things Better NOB--They can go fishing!
Brian Dalziel replied to Mainecoons's topic in Ajijic/Chapala/Guadalajara
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I agree that some banks here do not want to have USA customers. But it seems they don't say no or kick you out, but rather they make it difficult and expensive to do business with them. BBVA Bancomer now charges high fees and takes extended times to process foreign checks drawn for more than 250 dollars. It's my opinion this is their way of saying they do not want that business. BX+, Banco "Ver por mas", is expanding in the area and plans to open a new branch in San Antonio Tlay. soon. This may be an alternative bank to consider for opening a new account.
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Rejecting Telmex as ID source.
Brian Dalziel replied to El Cartero's topic in Ajijic/Chapala/Guadalajara
If all else fails, you can obtain a "constancia de domicilio" proof of address certificate from Chapala city hall. That works for residents who do not have their name on billing documents connected with their home. -
This image represents my understanding of the procedures that must be followed by visitors and foreign residents entering and leaving Mexico.
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Questions about 2023 passport renewal
Brian Dalziel replied to cookj5's topic in Ajijic/Chapala/Guadalajara
The instruction sheet above states, "Passports can only be delivered to a DHL store". So, having the passport sent to iShop&Mail instead -- how does that work? -
Photos needed for US passport renewal. Ajijic?
Brian Dalziel replied to johanson's topic in Ajijic/Chapala/Guadalajara
I understand, but cannot confirm, that renewing a USA passport from within Mexico is much faster than renewing a passport from the USA. This is due to the large backlog of passport requests that are piled up back in the states. -
Photos needed for US passport renewal. Ajijic?
Brian Dalziel replied to johanson's topic in Ajijic/Chapala/Guadalajara
So, mail-in passport renewal procedures from within Mexico have changed again -- no more passport deliveries via FedEx to your home but rather via DHL to a DHL store only. Good to know. It's always important to follow the current instructions from the embassy/consulate website because the steps followed by someone else to renew a few months earlier may no longer be valid. -
To use Telcel's Amigo Sin Límite plans you must pay in every month. That may be why you are losing your service. To pay in advance you would have to have a contract plan, not an Amigo Sin Límite plan.
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There are all kinds of local animal welfare and animal rescue organizations operating in the area. Perhaps try contacting one of the them first to find a partner -- it may not be necessary to create another, new organization. Bone Voyage Dog Rescue ClickerPets Mexico Lakeside Friends of the Animals Lucky Dog Operation Amor Pet Foodbank Lakeside SOS Chapala Dog Rescue Stray Dogs of Mexico Tails of Mexico The Ranch
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There's a wonderful, local candy store, Dulceria Zara, on the main carretera in Ajijic on the mountain side just west of Calle Colón.
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Haircutter Gloria--Know where she is?
Brian Dalziel replied to Lexy's topic in Ajijic/Chapala/Guadalajara
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Srta. Lidia Zamudio Cerda Lake Care Medical Supplies Carretera poiniente #141C Ajijic 376-766-2088 lidiazamudio@yahoo.com.mx
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To bring your possessions in yourself, just use the same format that you would have used for your menaje de casa declaration. For household goods write the box number and a description of items in the box. For electronics write the box number, description, make, model and serial number. Both lists must be in Spanish. Attached is an example from an older web site https://rollybrook.com/menaje.htm
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. Two Latin American currencies – the Brazilian real and the Mexican peso – have outperformed G10 nations and other emerging markets in 2022 despite the sharp appreciation of the US dollar. . One reason for the relative strength of the real and the Mexican peso is sound central bank policies that aggressively raised domestic interest rates in anticipation of and in response to US interest rate hikes this year. . Higher interest rates in Brazil and Mexico have also created stronger yields for investors compared to declining yields on US Treasury bonds, contributing to the positive performance of the real and the Mexican peso – trends that are expected to continue. Why Are The Brazilian Real And Mexican Peso Outperforming G10 Currencies? By Oxford Business Group Oct 20, 2022 https://bit.ly/3DhyJTH
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Guadalajara airport INM update
Brian Dalziel replied to sm1mex's topic in Ajijic/Chapala/Guadalajara
New FMM procedures are being phased in at certain locations in Mexico. This means some airports are using paperless procedures while other airports are still using paper FMM forms.