Cancun, Q.R. – The continually rising US dollar has not had a negative impact on local industries. With the rise of the American currency, many local businesses are simply dealing with the high exchange rate and in some cases, benefiting from it.
That is according to the Riviera Maya Hotel Association’s CEO, Manuel Paredes Mendoza. He says that the high exchange rates can benefit local hotels with their operating expenses, while American travelers can benefit from earning more pesos for their dollar. This is turn, gives them more spending power.
As of December 10, one American dollar buys 17.10 Mexican pesos, a great economic benefit to those exchanging their US dollars, while one Canadian dollar will fetch around 12.58 Mexican pesos. The benefit may not run as far with national travelers or visitors from some Central American countries however, who are not seeing the same level of exchange rates.
Central American countries such as Chili, for example, are seeing an exchange rate of about 41.17 Chilean pesos for one Mexican peso, whereas one Argentine peso is worth 1.75 Mexican peso. One euro currently buys about 18.72 peso, a good deal for European travelers vacationing in Mexico.
The region continues to experience high occupancy rates mostly from Canadians and Americans who, Paredes Mendoza says, constitute 80 percent of foreign visitors to the region. About 20 percent of visitors are domestic, who when combined, have made up the 4.2 million travelers to the Cancun-Riviera Maya region so far this year.