US Dollar climbs to MXP$13.99/US$1, which may hit standard of living
Ciudad Juarez, Chihuahua.- The increase in the Mexican Peso/US Dollar rate of exchange, which yesterday reached MXP$13.99/US$1 at banks, will cause a drop in the standard of living, because prices will keep going up while employment remains stagnated.
Miguel Angel Calderon Rodriguez said that the effects of this 9.3% depreciation of Mexican Peso will affect people in Ciudad Juarez, because more than 60% of products consumed here are imported and that means a blow to everybody’s pockets.
He reminded that right now employment is under a slow recovery stage and that there is a deficit of 50,000+ jobs when compared to 2007, when a peak was reached.
He explained that unlike what happened in other crises, this time an expensive US Dollar will not help bring investments to Ciudad Juarez, because there is much uncertainty on consumption in the United States.
Source: El Diario | Date: 21/05/2012