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Since mid-July, the euro has depreciated by more than 5% against the dollar, even dropping to USD 1.04 at the beginning of the month. This drop is the result of a combination of circumstances that have had a significant impact on the currency in the second half of 2023 after a solid second quarter.
Between July 2022 and July 2023, the Mexican peso (MXN) has appreciated 17.4% against the US dollar (USD), and inflation registered in Mexico was 4.8%. Thus, remittances in real terms have lost 16.0% of their purchasing power in one year.
So far this year, despite the most aggressive interest rate hike cycle in history by the Federal Reserve (Fed), emerging currencies (with some exceptions) and the euro have strengthened significantly.
Chiapas registers an annual growth in remittances of more than 50% and is already the fourth state with the highest income from these resources. San Cristobal de las Casas is already the municipality where most remittances are received in the c…
We estimate that about 10% of the increase in transactions to send remittances in May is explained by the effect of "Mother's Day." The remittance that is sent to the mothers is, in general, less in amount than the remittance that is sent regul…
Over the past six months, the euro has experienced a significant appreciation against the dollar, from lows below parity last fall to levels of around 1.10 in recent weeks. This somewhat expected appreciation has come sooner than anticipated.
So far in 2022, remittances to Mexico show a lower performance in relative terms compared to other countries in the Latin American and Caribbean region such as Guatemala (+20.8%), Honduras (+20.6%), Nicaragua (+ 38.4%) and Brazil (+25.4%).
So far this year, the euro has depreciated by more than 10% against the dollar, weakening in mid-July to the level of parity between the two currencies for the first time since 2002.
The tables have recently turned for the common European currency as it once again moves toward appreciation. Following the period of weakness it experienced earlier this year, the euro has appreciated by over 3.5% so far this quarter, exceeding…
In March, remittances hit a new high at 4,152 million USD. Considering the immigration encounters (apprehensions, inadmissions and expulsions) in the U.S., in March 2021, about 62,000 Mexican immigrants were detained, their highest level in a s…
Over the summer, the optimism in the financial markets held firm. This was despite the confirmation of the unprecedented collapse of economic activity in the second quarter of 2020 — the result of the drastic measures taken on a global scale to contain the spread of COVID-19.
Our results based on the foreign reserve decomposition method and the forecasting practice show that the impact of COVID-19 on China, although very large on Q1 and Q2 economic growth, will be quite limited on China’s Balance of Payments, especially the foreign reserve.
