A board displays the exchange rates for Mexican Peso and U.S. Dollar in Mexico City, Mexico March 13, 2023. People sending money back to Mexico this year have faced a new challenge: the "super peso." The skyrocketing peso has eroded the purchasing power of households in Mexico who rely on remittances from abroad. "What is truly important for recipients of remittances is not the amount they receive in dollars but the how much they can buy with that in Mexico," Siller Pagaza said. Siller Pagaza estimates that the spending power of remittances in Mexico will decline 9.9% this year, the first drop in a decade and the largest percentage fall in 13 years.

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Persons: Lea, Gabriela Siller Pagaza, Siller Pagaza Organizations: U.S, Banco Base Locations: Mexico City, Mexico