I sure never thought I’d be writing about the value of the Mexican Peso! We are all feeling the pinch of inflation these days and Niños de México is having an especially hard time.
The problem: This is a little boring unless you’re a math nerd, but give me a minute to explain. The typical exchange rate that we’ve been used to is 21 Mexican pesos to one US dollar. When we send money to the homes for everyday expenses like food, utilities, gasoline, and clothing, we used to exchange each dollar for 21 pesos or more. The rate is now 18.5 pesos for each dollar!
The effect: That doesn’t really sound like much of a difference unless it’s enough to support and keep eight children’s homes running. In the first three months this year, we have spent $316,720 at the 18.5 rate. The old rate would have only cost $279,015 for the same amount of pesos. That’s a difference of $12,568 every month! That also doesn’t account for inflation - the money just doesn’t buy as many groceries as it used to!