The peso confirms its trend of the past few years and takes the lead in 2023.
(Photo: Reuters)
Mexico City When the Silicon Valley Bank collapsed in the USA in mid-March, the peso also fell briefly. Fear of a possible contagion in domestic banks pushed the Mexican currency down three percent. But the decline was short-lived. This was also helped by the fact that the central bank immediately sent Banxico relaxation signals.
The collapse of Silicon Valley Bank and Signature Bank “should not have a major impact on Mexico’s financial system,” said Lieutenant Governor Jonathan Heath. “There are key differences between our and the US banking system.”
6.3 percent – no other currency in the world has developed so strongly in 2023. Related currencies such as the Brazilian real and Colombian peso are lagging behind significantly. The peso thus reinforces its trend of the past few years. It has gained 32 percent since its all-time low of 24.85 pesos to the dollar in April 2020.
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