Mexican peso devaluation

First peso[ edit ] The peso was the name of the eight- real coins issued in Mexico by Spain. These were the so-called Spanish dollars or pieces of eight in wide circulation in the Americas and Asia from the height of the Spanish Empire until the early 19th century the United States accepted the Spanish dollar as legal tender until the Coinage Act of Inthe first issue was made of coins denominated in centavos, worth one hundredth of the peso.

Mexican peso devaluation

What are the wages in Mexico? Is there a minimum salary? What are working conditions like? It may be of interest to get a look into what it is like to live in paradise but also to work here. You will notice that most people are happy here and smiles abound. Even when people come on vacation here and look forward to the one week of being here, it is supposed to be the most magical time.

But imagine the people that are there everyday, the guest are so energized but for them it is work. Most people do an exceptional job of smiling and being happy that you would never think what is it like to wake up each day and do the same things and match the energy of the guest.

Just because it is sunny with palm trees and the beach nearby does not mean people get tired like you do at your job.

Here are several issues Mexican workers have to deal with that you may of never thought about. Wages in Mexico As you might imagine, wages in Mexico are low.

Here are some general averages for what people make to give you an idea. These wages are for the Riviera Maya which in general is more Mexican peso devaluation what people make in other parts of Mexico. Housekeeper 6,pesos a month plus tips.

Mexican peso devaluation

Construction worker around pesos a day. Hotel front desk 11, pesos a month plus any commissions if they sell things like tours. Waiter at nice restaurant on 5th Avenue pesos a day, mostly from tips.

Corner store cashier in a local neighborhood pesos a day. Laundromat worker pesos a day. Office workerpesos a month. Nightclub waiter in Playa Del Carmena night depending on season but often it is 10 hour shifts. Entertainer at hotel 13, pesos a month. Where do these wages go?

Well this is where you can see that what most people make, most people spend every month. Most people live month to month off money earned. This is the reason why people line up on the 1st and 15th of the month at bank machines to withdraw their money. Almost everyone in Mexico is paid twice a month on the 1st.

Some resorts offer housing and some meals to staff. This can be great for young people just starting out and for people moving from other parts of Mexico to work in the Riviera Maya.

Many however prefer to live in Playa Del Carmen where they can easily access the gymgrocery store, laundry and hang out with friends.

Top MXN Exchange Rates

This means renting in Playa Del Carmen. Living expenses and how far to stretch a wage in Mexico Many people can only afford a room to rent in Playa Del Carmen called cuartos. These rooms are just a room with a bathroom and maybe a mini stove top and mini fridge, these rooms are not in houses, just a building with small hotel like rooms.

Mexican peso devaluation

Rooms can start around pesos a month but most near the center of Playa Del Carmen are pesos to pesos. The average for a two bedroom apartment is about in areas when most workers would look.

This and the photo below are what many people can afford to rent.

Mexican peso - Wikipedia

These rooms come with a bathroom and very basic cooking spaces. Usually the rest of pay is divided between cell phone, transportation, and food. This does not leave much room for extra spending and is why going to the beach or the movies is a popular activity.

Working Conditions in Mexico The good news is that in Mexico there are some basic rights of working which include severance pay, standard hours, good working conditions and health care.

The bad news is that many businesses find a way to reduce benefits that workers should be getting.The Mexican peso tumbled by the most since the post-Tequila Crisis currency gyrations in as Donald Trump was elected US president. The peso had become a prime gauge of Mr Trump’s. The Mexican Peso Crisis: Implications for International Finance Edwin M.

Truman, Staff Director of the Board’s Division of International Finance, prepared this article. On December 20, , the government of Mexico announced the devaluation of its currency, surprising financial markets and precipitating the so-called Mexican peso crisis. The Peso was the descendant of the original eight pieces that the Spanish government had issued in Mexico, which Mexico continued to use as currency after independence.

Originally a stable and safe currency, it helped inspire the design of the American Dollar, which was released at par with the Mexican Peso. In , after several years of inflation and devaluation, the Bank of Mexico changed its .

The History of Mexico from ancient times to the modern day. Time Line of Mexican history, mp3 lectures, videos and, Mexican history quiz and glossary.

Olmecs, Toltecs, Zapotecs, Mayans,Aztecs, Corts, colonial Mexico, Mexican War for Independence, Early Mexicn Republica, Santa Anna, Mexican-American War, French Intervention, Diaz and the Porfiriato, Mexican Revolution, Obergon, Callas .

The Mexican peso devaluation and border area employment Unemployment in U.S. border areas peaked in after the devaluation of the Mexico peso;. Grilled Mexican Chicken Sandwiches 1 1/2 tablespoons vegetable or olive oil 2 cloves garlic, minced, or 1 teaspoon bottle minced garlic, or 1/4 teaspoon garlic powder 2 teaspoons chili powder 1/4 teaspoon cayenne pepper (optional) 4 boneless, skinless chicken breast halves 1 1/2 cups (6 [ ].

Peso - Wikipedia