Remittances from Mexicans receive from fellow citizens residents abroad (mainly in the United States), suffered a fall in all 2008 3.6% compared to the previous year according to the information released by the Bank of Mexico. This is the first annual decline suffered by them since 1995. Remittances are the second main source of foreign exchange earnings of Mexico, who have been affected throughout the year as a result of the deep recession that suffers from USA. For the worse, projections of the director of economic measurement for the Bank of Mexico, Jesus Cervantes, anticipate them continue in 2009 with its negative trend against the continuity of the recessive context in the United States in general and in sectors employing more Mexicans in particular (such as the construction sector). The fall in the net supply of dollars in the Mexican exchange market combined with the uncertainty of the context which produces an additional demand for the U.S.
currency, threaten the value of the Mexican currency. In yesterday, in a day full of bad omens for the economy of Mexico, the Mexican peso suffered a historical, trading at $14.37 per dollar devaluation. So far in 2009, the value of the dollar in relation to the Mexican peso rose by 2.64 percent in the exchange market locally, and in the last 4 months, the increase in its value has been of 29.25%. While the devaluation of the Mexican peso may be many good news in terms of the competitiveness of the economy, in these times of crisis, this has little relevance. Yes you can have a relevance in terms of its negative impact, the weakening of the peso when one considers the possible relocation of the devaluation changed to domestic prices. For 2009, Banxico foresees an inflation rate of 4%. According to entrusted the Monetary Authority in a statement on the matter: from the first quarter of this year begins to diminish to resume a downward trajectory of the next two years.
