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bajabound2005
Ultra Nomad
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Location: Punta Banda, BCN
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Mood: words cannot describe...
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Buy those pesos! Current Exchange Rate is...
Official rate as of this posting is 11.80 to 1 USD. Got 11.11 at the ATM this morning and the casas de cambio were doing 11.0 as of noon.
[Edited on 11-21-2008 by bajabound2005]
Friends don't let friends drink white zinfandel.
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woody with a view
PITA Nomad
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c'mon friday!
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oxxo
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9:20 pm, the official rate just hit 12.006!
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Cajones
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| Quote: | Originally posted by oxxo
9:20 pm, the official rate just hit 12.006! |
If the price of oil keeps dropping like it has, along with the drop in foreign remittances and tourism, you can expect a wholesale devaluation of the
peso. Like in the 1990's when it was devalued 50% overnight.
Those three items are numbers 1-2-3 in Mexico's source of foreign currency.
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DianaT
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Headed to Costco tomorrow or Wednesday and will exchange then. Wonder what it will be---should be interesting.
Diane
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MexicoGringoGuy
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Wow... the peso right now is awsome for poor folks like me... I changed 2 months of earnings over and did real well!! Do you think it will go
further? I think 12 is about the max right??
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bajadave1
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Location: Los Barriles, BCS
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There is NO max.
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woody with a view
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the crap is nearing the fan....
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CaboRon
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Tues 0735
12.0918
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bajalou
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I wouldn't rush to make the change. It will probably go higher before it drops. Just get what you need and if it starts to drop, change more then.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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Woooosh
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12.24 to the dollar at 9:42 this morning! Time to transfer a little and wait for 13 to tranfer more.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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Woooosh
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re-post from dollar thread:
well- the computer showed 12.43 but the bank gave me 12.11 per dollar.
Even still, a nice gain for just waiting since it was 9.5 early August to 12.11 today. No one on Wall Street made 17% profit in the the last five
weeks!
Before I get jumped on for calling that a profit- I do undersand that it is simply more pesos for the dollar to spend on goods/service suspect to
Mexico's increased inflationary trends.
I do think Mexican banks are somewhat insulated from the sub-prime market mess since they don't even have a prime market to foreclose on yet. I doubt
Mexico was invited to the party when these abhorrent financial instruments were concocted by flawed CEO's that have already pocketed $millions more
than you and I will ever see in our lifetimes. There is no shame on Wall Street apparently. Lehman's set aside $2.5 Billion in their bankruptcy for
their own bonuses! Incredible.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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bajalou
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12.31 at 430p today 7th.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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Woooosh
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13.25 at 9 this morning. WOW! I can't find an historical data above 12 since the peso collapsed in 1985.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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bajalou
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If memory serves me at all, there were some short term peaks above 12 in 96-97. But that's a long time ago.
In the San Felipe area, most prices are set to the dollar, even though they are posted in Peso's so the exchange doesn't do much to increase buying
power. Gasoline and propane, Telnor and of course the Government stuff, lights, water in town etc. are the exceptions.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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meme
Senior Nomad
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Registered: 8-20-2003
Location: San Felipe,BC
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peso
I have 13.207 this morning at 9:30 a.m.
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ViajeraGal
Junior Nomad
Posts: 45
Registered: 9-2-2006
Location: Los Barriles
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Exchange Rate/Inflation
Yeah, as mentioned, merchants in Baja have always been right there the moment the peso drops, to increase the price of the merchandise on their
shelves. It is very difficult to get much ahead of the game.
You don't want to load up on too many pesos at 12-13 if it drops to 15 or more..............
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BajaGringo
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One piece of advice I would offer in this is that while down here in Baja be sure to exchange enough dollars to always be able to pay in pesos right
now. Few places will give you much more than 11 right now and the Pemex where I filled up last was still only giving 10.80
They always react fast when the dollar drops but slow going the other way.
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Woooosh
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I was holding out for 15 too...
It looks like the Mexican Fed is trying hard to keep it under 14. Seems the 13's is not a problem for them at this point. When it gets close to 14,
they pump a few billion dollars into the system to squash it. I have no idea of how long they can keep that up.
Given that hunch (and it's just a hunch), I'll convert enough dollars to pesos in the 13's to hold me through the end of the year. It's still almost
25% more pesos than my dollar bought last week (it's like going to the bank with $75 and them giving you $100).
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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BajaGringo
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I think that's a smart move...
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