Economy & Business - February 2023

MEXICO: Peso’s strong performance expected to continue

Following a strong performance towards the end of 2022, Mexico’s currency maintained its strength during the first month of 2023. The peso reached an exchange rate below M$19 to the US dollar in mid-January - M$18.75 pesos to the US dollar on 17 and 18 January, according to figures from Mexico’s central bank, Banxico - the best rate since early 2020. Indeed, despite the impact of the coronavirus (Covid-19) health emergency that saw the exchange rate reach M$25.12 to the US dollar on 24 March 2020, the peso has not experienced such a prolonged and intense period of appreciation since Mexico adopted its flexible exchange rate regime at the end of 1994.

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