As you can see in the next chart, if your point of view is starting from November [2022], the picture is now the opposite [the peso has since strengthened]. The slowdown in the pacing of US policy tightening has eased the pressure on the peso.
On a year-to-date basis, the peso is the second most-appreciated currency in the region after Indonesia's rupiah, but we will continue to monitor the situation. Robust External Accounts Provide Cushion against Spillovers As I already said, our advantage is that we are actually getting quite a bit of net FDI, but, of course, we want that to increase even further.