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Peso Hits 22 !!!


Hud

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2 minutes ago, Hud said:

I guess whoever said it would reach 22 by Jan. 20th either knew something or was a good guesser.

Let's see how long Mexico lets it stay there, as I bet they are pumping dollars as fast as they can.

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Lucky you Fred,  Your post timing implies you must have done your ATM transaction (w/CapOne) about 3:36PM 1/18/17 & received 21.94 in exchange.  I did a CapOne ATM transaction at 4:10PM and only received 21.718.  Mind you, I'm not really complaining, but I think by that we can see just how volatile the exchange rate is, since this was only one-half hour difference.  (unless, of course, the transaction location influenced the rate, even though it supposedly did not charge me a trans. fee).  I did mine at Torito, where did you do yours? (and, was yours about 3:30?)

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27 minutes ago, Bookworm said:

Lucky you Fred,  Your post timing implies you must have done your ATM transaction (w/CapOne) about 3:36PM 1/18/17 & received 21.94 in exchange.  I did a CapOne ATM transaction at 4:10PM and only received 21.718.  Mind you, I'm not really complaining, but I think by that we can see just how volatile the exchange rate is, since this was only one-half hour difference.  (unless, of course, the transaction location influenced the rate, even though it supposedly did not charge me a trans. fee).  I did mine at Torito, where did you do yours? (and, was yours about 3:30?)

Remember, you have to pay Torito for putting in a machine for you to use; they do it for a profit, but the banks get very little.

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Its the big "sucking" sound you hear as all the Capital leaves Mexico and heads for the US greenback.  Let the fun begin.

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Unfortunately, this doesn't help Canadian expats!  While you Americans can enjoy only paying 45 cents to every equivalent Mexican dollar, we are paying 60 cents to every Mexican dollar.  And our dollar is only worth 75 cents to your U.S. dollar!  So as the Mexicans have to raise their prices because of the strength of your dollar, we're getting slammed, especially with the cost of home rentals!  $1300 USD rental is costing us almost $1725 CDN!

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9 minutes ago, suegarn said:

Unfortunately, this doesn't help Canadian expats!  While you Americans can enjoy only paying 45 cents to every equivalent Mexican dollar, we are paying 60 cents to every Mexican dollar.  And our dollar is only worth 75 cents to your U.S. dollar!  So as the Mexicans have to raise their prices because of the strength of your dollar, we're getting slammed, especially with the cost of home rentals!  $1300 USD rental is costing us almost $1725 CDN!

I'm sorry our dollar is so strong. :( Hopefully the next US President can weaken it for you.

 

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28 minutes ago, barbara habacht said:

So, if I had a great meal and loved the service...I shouldn't feel good about it or express my pleasure because others in the world may not be getting the same food or service?

Fred Habacht

 

What does this have to do with the topic?  Posted in the wrong place?

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Currencies rise and fall. The local citizens aren't affected to a great deal since they don't buy foreign goods. Ask any European if their life is worse off with the Euro near 100, down from 150, or any Brit with the pound at 123, down from 200.

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From a recent Reuters article:

........ It has led to rapid reversal in energy trade between the two countries. In 2016, crude exporter Mexico will be a net oil importer from the United States for the first time as shipments of refined fuel heading south outnumber shipments of crude to the north, according to the U.S. Energy Information Administration (EIA). ..... 

Link to the whole article which is interesting

http://www.reuters.com/article/us-mexico-usa-oil-insight-idUSKBN14B0FS

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This is an on-topic reply (getting back to the original post, folks!). Just curious: I use the Banco de Mexico exchange rate to pay my Mexican landlord who lives in Guanajuato but used to live in Chicago and also has a house in northern Texas--(memo: we expat gringos are not the only ones who move around a lot!). The Banco de Mexico rate today is 21.9044. If someone thinks that is NOT the appropriate rate to use, I would appreciate hearing your argument for another source. TIA!

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That is the official rate at which you may pay in pesos for something like rent denominated in dollars. You are 100% correct and by law that is the rate a landlord must accept.......today.

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1 hour ago, Ajijic_hiker said:

Mexico imports refined oil products including gasoline from the US due to the lack of their own refineries.

Then Mexico does not pay the US refineries in Texas to refine the Mexican crude for them?

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2 hours ago, JayBearII said:

This is an on-topic reply (getting back to the original post, folks!). Just curious: I use the Banco de Mexico exchange rate to pay my Mexican landlord who lives in Guanajuato but used to live in Chicago and also has a house in northern Texas--(memo: we expat gringos are not the only ones who move around a lot!). The Banco de Mexico rate today is 21.9044. If someone thinks that is NOT the appropriate rate to use, I would appreciate hearing your argument for another source. TIA!

Are you saying you're paying your landlord in pesos, each month tied to the usd/mxn exchange rate? So you pay more rent each month?

I know that some Mexican landlords are asking rent in pesos tied to the current exchange rate each month. Usually the tenant is an American living on a dollar income. I doubt if any Mexican is asked for or would pay an increase in rent every month. I don't get it. How come? Since when does a tenant pay more each month for his/her rent?

I know a Mexican landlord who accepts a rent check in dollars and exchanges it for pesos. The lease is in USD amount. In fact, in the Spanish version the lease says $700 usd. No pesos mentioned. However, if tenant wants to pay in pesos, landlord says tenant must pay the equivalent to $700 tied to the current usd/mx exchange rate. Either way, he gets more each month in rent. He is represented by a major realtor in Lakeside.

I know of other renters with a clause in their lease that actually says the rental in pesos each month will be tied to the current exchange rate.

This totally baffles me. When did a rent get tied to the current exchange rate? Answer is, when landlords and realtors got really, really greedy.

This post is on-topic, I believe, as it has to do with the unprecedented exchange rate and who is doing what with it. I understand why prices are going up. The economy is terrible. But I know of no other business or commercial entity that is getting a price increase for their "product" every month tied to the exchange rate other than some landlords.

 

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