The Mexican heavyweight division ends the year with record growth of almost 13%.

Mexican coin ended the year with record score against the dollar by almost 13 percent, making it one of the best-performing emerging currencies – a phenomenon that experts call “overweighting” and attribute in large part to the phenomenon of chain movement or “convergence.”

He Mexican Peso this last day ended in 16.96 units per U.S. note, representing a valuation of 12.89 percent, compared with the price of 19.47 percent on the first business day of the year, January 2, according to official closing data from the Bank of Mexico (Banxico).

This is “the largest annual increase in history since we had a free floating exchange rate regime,” Gabriela Siller, director of economic analysis at Banco Base, highlighted in a report presented to the media.

Meanwhile, the Mexican currency “will close in 2023 as the second-largest currency in a broad basket of major currencies, behind only the Colombian peso,” added Jesus Anacarsis Lopez, an analyst at the same institution.

Height Mexican Peso this year is nearly double the previous record of 7.7 percent in 2012.

Analysts agree that one of the main factors behind the rise of the Mexican currency is the “climbing” phenomenon that has led to an increase in foreign direct investment (FDI), which set a record of nearly $33 billion in the first three quarters of the year. , which is 30 percent more than last year.

“(There was) an expectation of an increase in the supply of dollars in Mexico in the future due to increased exports and foreign direct investment, given the possibility of a ‘closer’,” Siller stressed.

weight gain This also happened against the backdrop of dollar flows exportwhich grew by 2.9 percent year on year to $543.762 million in the first 11 months of the year, according to the National Institute of Statistics and Geography (Inegi).

And also for him money transfer record were received by Mexico, where they reached $52.888 million in the first 10 months of the year, representing a year-on-year increase of 9.4 percent, according to Banxico.

Finally, analysts highlighted the difference in interest rates between Mexico, where the central bank is keeping it at a record 11.25 percent, and the United States, where the Federal Reserve (Fed) has placed it in the range of 5.25 to 5.5 percent.

Mexican government boasts ‘superweight’

The president Andres Manuel Lopez Obrador explained the appreciation of the peso macroeconomic stability which he said was supported by his government.

“Look at this. When could you see this? And this is for the same reason, because the country is very attractive for investment. “When did you see each other?” the president said at a Thursday morning press conference.

The International Monetary Fund (IMF) reported this month that Mexico is now the world’s twelfth-largest economy.

Mexico’s gross domestic product (GDP) grew 3.3 percent year-on-year and 1.1 percent quarter-on-quarter in the third quarter of 2023, up 3.4 percent for the year.

According to EFE