March 31, 2015This just in: Taxi drivers request payment in Mexican Pesos rather than US Dollars. Reason: The exchange rates given by the owners of the taxi companies is $10 MX Pesos per $1 USD, not the trading rate of $15.25 MX Peso per $1.00 USD.
Today, the Mexican Peso is trading at a rate of $15.25 Mexican Pesos per $1 US Dollar., according to our input from likeforex.com, a leading foreign currency trading company in the United States. Many of us enjoy vacationing without giving much thought to the payment process and impact of currency changes on the local economy.
During past trips, it was not unusual to agree to a $10 peso trade rate per US dollar because the differences between the available and trading markets were not worth the trouble. Today, that is not the case. US travelers to Mexico get about 25% more for our dollar today than they did at the $12.25 exchange rates that were common during November and December trips.
Chances are the prices paid in restaurants have not gone up by 25% between now and then. The reason is the Mexican Federal Government wants to keep inflation under control to make life affordable for the local population.
These are interesting economic times for travelers to Mexico. Will they continue? Who knows. But, we should be thankful we have great places to visit and have access to services that are dependable and honest. The least we can do is share with our hosts by carrying pesos to make payments whenever possible. What do you think??? You can leave your comments by posting them here.