Weak Peso Drives Mexican Shoppers to US Looking for Christmas Bargains KHOU.com
go to original December 13, 2014

Pedestrians carry LED televisions as they head back to Nuevo Laredo, Mexico after a day of shopping in downtown Laredo. (Jerry Lara/San Antonio Express-News)

CANUTILLO, Mexico - Shoppers from Mexico buying Christmas gifts in the U.S. are searching for bargains after the peso fell to its lowest level in 6 years.

"It's terrible, like 15 pesos for the dollar," said Diana Smith, a shopper from Mexico City at an outlet mall in Texas. "The prices are better than Mexico," Smith said.

Smith flew from Mexico City with her boyfriend Friday morning for a weekend shopping spree. If they had arrived last week their money would have been worth more.

The weakening of the peso could not have come at a worse time for Mexican shoppers.

"We'll likely buy fewer gifts," said Raul Diaz, a shopper from Torreon. His family drove more than nine hours to the Texas border to shop in El Paso over the weekend. "We hope the exchange rate improves soon," said Diaz.

Mexico's central bank bolstered the peso by selling off $200 million dollars, a move that has stabilized the currency in the past. The peso dipped from 15 to 14.76 on international markets Friday afternoon.

Read the rest at KHOU.com

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!