Jun 2, 2005, 8:42 AM
Post #4 of 20
I have permanently lived in Mexico since 1-1987. I am now a citizen, and damn proud of it.
Re: [frank fundaro] near term predictions for the peso to dollar exchange rate
Can't Post | Private Reply
I was here in Mexico in 12-24-94 when Carlos Salinas de Gortari was the outgoing President of Mexico, and the new incoming PRI President was Zendillo. The Peso at that date took an "enormous" correction!!!
That is a muted understatement.
Before12-94, the peso was traded as high as 4000 to 1 dollar. The Peso Notes had 3 zeros behind the first figure.
All prices foods and gasoline, actually everything in fact went topsy turvy.
All salaries to Mexicans were cut at least in half, and had zero purchasing power for any imported product.
The times were terribly tough for the average Mexican, whomever that may encompass.
In February 1995, I purchased a Mexican used farm tractor and the peso conversion rate was then 6 pesos to 1 US dollar.
From then on to today, the peso has slowly gone up to a high of 12 to one, a year ago, and now is traded at 10.7 to 1 at the banks in San Jose del Cabo.
This is about what you will presently get at any ATM in the Republic of Mexico.
Only the currency gamblers will have any idea where it will be going. And I believe they guess a lot.
Me, All I do is go to the atm at Scotia Inverlat or Santander Serfin, which by the way are owned by the Bank of America in the USA, and get my pesos quickly and plenty of them, and with NO SERVICE CHARGE, since I keep a Bank of America account in the USA, and of course use this card in the atm's.
I don't really need to know where the peso is going since I will be here through it all, wherever it goes, whatever it does.