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Meet the woman bringing adobe back to a Maya village

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Debi mixing adobe in Ek' Balam
Adobe is making a comeback as a natural and sustainable construction method, at least in one Maya village. (Bel Woodhouse)

Recently, on a trip to Valladolid, I met a woman named Debi Morris, who is bringing adobe back to the Maya village of Ek’ Balam by building a community center out of the all-natural, sustainable material.

Morris fell in love with Ek’ Balam years ago after a taxi dropped her off in the middle of town rather than at the Ek’ Balam ruins. She was captivated by the warm, welcoming people, the laughing children and the surrounding smiles. So she decided to give back using adobe.

What is adobe?

Adobe wall with glass bottle inserts in Ek' Balam
The adobe walls of the new community center feature glass bottles to let in natural light. (Bel Woodhouse)

Adobe is a highly durable, all-natural building material that, with proper maintenance and moisture protection, can last for centuries. The proof is still standing in Yotzil, a tiny village in Yucatán. Other historic structures, such as New Mexico’s Palace of the Governors, built in 1610, still stand strong, proving adobe’s longevity.

Made of locally sourced natural materials, adobe recipes vary slightly from place to place depending on the soil and sand. In Ek’ Balam, it is made of high-clay red dirt, sand, dried grass, agave fiber, water and horse manure. Dried beforehand, the manure carries no odor. Builders also added a layer of fermented cactus juice, called baba de nopal, to waterproof the exterior walls.

Adobe also offers high thermal mass, making it ideal for escaping the heat of a Yucatán summer. Because of this thermal efficiency, adobe is growing in popularity as people look for ways to adapt to rising temperatures and reduce air conditioning usage.

Key characteristics of adobe

Composition: Typically consists of blended clay, sand, silt, a fibrous binder (such as chopped straw or agave fibers) and water to bind the mixture and prevent cracking.

Thermal mass: Thick adobe walls absorb heat during the day and slowly release it at night, providing natural climate control in hot, arid environments.

Sustainability: Sourced directly from the earth, adobe is non-toxic, biodegradable and fully recyclable.

First coat of adobe en Ek' Balam
Applying the first coat of adobe for an all-natural, climate-controlled construction. (Bel Woodhouse)

Durability: Traditional adobe lasts for centuries but remains susceptible to water erosion, and so requires regular maintenance.

Adapting adobe to local soil

“You’re going to need patience. This is trial and error. There is no specific formula,” an expert advised Morris when she began.

She learned through trial and error that everything depends on local materials. For example, a builder cannot use the same formula in Mérida, even though it is in the same state of Yucatán, because the soil composition differs. In Ek’ Balam, one plot may have red dirt, while a neighboring plot contains entirely different mineral compounds.

“That was an eye-opener,” Morris said.

Not all red dirt works; the clay content must be tested first. “Thank God ours did, so that was a big blessing,” she said. Each layer requires experimentation.

Building in Ek’ Balam

Construction begins with the frame: two layers of wood with a layer of rock in between. Once the frame is set, builders apply the first layer of adobe — a mixture of red dirt, water and dried zacate, a local grass found in surrounding fields. The mixture is combined using hands and feet.

Making baba de nopal en Ek' Balam
Making baba de nopal, a prickly pear cactus extract used to waterproof adobe walls. (Bel Woodhouse)

Next comes the layering process: rock, adobe, rock, adobe. After drying for two days, the structure is ready for a second layer consisting of red dirt, sand, water and dried grass. For this layer, the grass is treated with borax to repel insects.

The third layer contains red dirt, fine double-sifted sand, sifted horse manure and agave fibers, which are also treated with borax and cut into 1- to 2-centimeter pieces.

Finally, builders add baba de nopal, or prickly pear cactus extract. The extract is made by removing spines from cactus paddles, chopping them and fermenting them in water for at least 24 hours before straining.

Once the third layer is completed, it is sprayed with water several times a day for five days to retain moisture. On the eighth day, smoothed cracks are treated with warmed cactus extract for waterproofing. Before hurricane season, a final layer of natural linseed oil is applied for additional weather protection without compromising thermal performance.

Reviving an ancient practice

In 2004, Ek’ Balam consisted primarily of traditional palapas. Today, concrete homes have become common, but they trap heat, leading residents to joke that they feel like pizza ovens. Adobe offers a solution rooted in local heritage.

Although adobe construction was an ancient Maya technique, the knowledge was lost generations ago. Morris visited several villages asking abuelitos (grandfathers) if they knew how to make adobe. The answer was almost always, “My grandfather did.” In one nearby village, centuries-old adobe walls are still standing, proving the material’s regional durability.

Debi in Ek' Balam, building adobe houses
Adobe was once a well-known building technique in Maya villages, but it has fallen out of use in recent decades. (Bel Woodhouse)

As a result, Ek’ Balam has welcomed the return of this traditional building method.

Mexico Correspondent for International Living, Bel is an experienced writer, author, photographer and videographer with 500+ articles published both in print and across digital platforms. Living in the Mexican Caribbean for over seven years now, she’s in love with Mexico and has no plans to go anywhere anytime soon.

Estadio Azteca owners lost an estimated $47M on FIFA’s most profitable World Cup ever

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Mexico City’s main stadium, full of green, ahead of World Cup opening ceremony.
The World Cup brought record profits for international soccer federation FIFA, while the owners of Mexico City's historic Estadio Azteca posted steep losses. Pictured: the 2026 FIFA World Cup opening ceremony in Estadio Azteca. (Wikimedia Commons)

Grupo Ollamani, which owns the iconic Estadio Azteca, is perhaps one of the big financial losers of the World Cup after the release of a new financial report, cited by El País, that reveals a multi-million dollar loss.  

The holding company, which also owns the publishing subsidiary of Grupo Televisa, reported to the Mexican Stock Exchange (BMV) a net loss of 557.2 million pesos (US $32.2 million) in its second-quarter financial results, primarily associated with the cost of the World Cup. 

Led by media mogul Emilio Azcárraga Jean, Grupo Ollamani also estimated an additional financial impact of 255.9 million pesos (US $14.9 million) in July, when the stadium also hosted World Cup matches. 

Combined, the total impact would amount to 813 million pesos (US $47.4 million) covering the costs of what’s been described as FIFA operations.

These operations include making Estadio Azteca (also known as Estadio Banorte) available to host five matches and organizing tournament-related activities in Mexico City. 

Cause of losses

Ollamani said the reported financial loss was partly due to payments related to a dispute over the use of the stadium’s premium seats and box seats.

In the lead-up to the event, people who owned boxes and premium seats inside the stadium demanded those seats for World Cup matches. But FIFA ultimately required full control. A legal dispute was eventually resolved, whereby Ollamani had to pay FIFA 1 billion pesos (US $58.3 million) so the owners could use their seats.

Mexico City’s box seat owners kept their seats at the World Cup — but they’ll pay dearly to eat in them

The company noted that the negative financial impact did not reflect the ordinary course of its operations and stems from extraordinary circumstances related to the World Cup. 

“At the same time, investments were made to prepare and modernize Banorte Stadium — representing long-term improvements to its infrastructure, functionality, operational capacity, and digitalization — the benefits of which will extend beyond the World Cup period,” the company said in a statement cited by El País

Ollamani’s report adds to a broader picture that confirms the World Cup did not generate the expected economic impact. The results were particularly disappointing for the hospitality sector.

In stark contrast, FIFA emerged as the tournament’s biggest financial winner, reportedly generating a record US $15 billion in revenue, which far exceeded its US $11 billion forecast. This performance was mainly fueled by the sale of licensing, broadcasting and hospitality rights, as well as sponsorships and ticketing sales.  

With reports from El País, The Guardian and Infobae

Mexico reestablishes diplomatic relations with Peru: Friday’s mañanera recapped

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President Claudia Sheinbaum at the podium of her August 7 mañanera
President Claudia Sheinbaum at her Friday morning press conference, where she announced the restoration of diplomatic relations with Peru. (Presidencia)

Sheinbaum’s mañanera in 60 seconds

  • 📉 Inflation falls to 3.12%: Sheinbaum highlighted INEGI data showing headline inflation dropped to 3.12% in July from 3.37% in June, calling the decline “very important.” It’s the lowest rate since May 2020.
  • ✈️ Bettsy Chávez arrives in Mexico: Sheinbaum announced former Peruvian PM Bettsy Chávez was “about to land” in Mexico, after months of asylum at Mexico’s Lima embassy under Brazil’s protection following Peru’s diplomatic break with Mexico last November.
  • 🇲🇽 🇵🇪 Mexico and Peru to restore relations: Sheinbaum said President Keiko Fujimori’s new government granted Chávez safe passage as a “good will” gesture, and announced Mexico and Peru would reestablish diplomatic ties. She reaffirmed support for ousted ex-President Castillo.
  • ⚖️ Ex-Guerrero governor’s arrest “not political”: Asked about Thursday’s arrest of Ángel Aguirre over alleged concealment of Ayotzinapa-related video evidence, Sheinbaum denied any political motive.
  • 🚫 No fracking in Tampico-Misantla basin: Sheinbaum reaffirmed her government would follow the expert committee’s recommendation against fracking there, citing Indigenous peoples, rich biodiversity and serious potential environmental impacts.
  • 🥑 Officials to discuss avocado certification suspension: Sheinbaum said Mexican officials would meet U.S. Embassy representatives Friday morning to address security concerns behind the suspension, aiming to resume Michoacán avocado exports.

Today’s mañanera was important as President Claudia Sheinbaum spoke about a wide range of significant topics.

They included inflation, diplomatic relations with Peru, the arrest of a former governor, fracking and the suspension of U.S. avocado certifications in Michoacán.

Sheinbaum acknowledges decline in inflation 

At the very start of her press conference, Sheinbaum highlighted that Mexico’s headline inflation rate fell to 3.12% in July, per data published by the national statistics agency INEGI on Friday.

She noted that the headline rate fell to that level from 3.37% in June, and described the decline as “very important.”

President Sheinbaum shows a chart of declining inflation
Inflation in July fell to its lowest point so far this year. (Rogelio Morales / Cuartoscuro.com)

The inflation rate in July — just above the Bank of Mexico’s 3% target — was the lowest rate since May 2020.

Sheinbaum announces arrival of Bettsy Chávez to Mexico

Sheinbaum told reporters that former Peruvian Prime Minister Bettsy Chávez was “about to land in Mexico.”

She noted that Chávez, who briefly served as prime minister during the presidency of Pedro Castillo, stayed in Mexico’s Embassy in Peru for several months. Last November, the government of Peru severed diplomatic relations with Mexico after Chávez, who was accused of rebellion, was granted asylum at the Mexican Embassy in Lima.

“This embassy had to close because Peru broke off relations with Mexico and she remained [in the embassy] under the protection of Brazil, to whom we are very grateful,” Sheinbaum said.

The president said that Chávez was granted “safe passage” to travel to Mexico by the new Peruvian government, led by President Keiko Fujimori. She said that a Mexican Air Force plane traveled to the South American country to collect the ex-prime minister and bring her to Mexico.

Sheinbaum: Mexico and Peru to reestablish relations 

Sheinbaum said that the granting of safe passage to Chávez was an act of “good will” from the government of President Fujimori “toward Mexico.”

She subsequently announced that Mexico and Peru would reestablish diplomatic relations.

“I don’t know if I can announce it now or not, but I’m going to announce it. With this [act of good will], relations with Peru are going to be reestablished,” Sheinbaum said.

“And we, as always, as we have done, are going to continue defending President Castillo,” said Sheinbaum, who last September described the 2022 ousting of the ex-president by the Peruvian Congress as a “coup.”

“… The new government of Peru knows that,” she said.

Sheinbaum: Arrest of ex-governor of Guerrero has nothing to do with politics 

A reporter asked the president about the arrest on Thursday of former Guerrero Governor Ángel Aguirre, who is alleged to have ordered the concealment of security camera video footage that showed the bus on which students from the Ayotzinapa Rural Teachers College were traveling at the time it was stopped by police in Iguala, Guerrero, on Sept. 26, 2014. Forty-three students were abducted and presumably murdered after the bus was stopped.

Sheinbaum said that the arrest of Aguirre — governor of Guerrero between 2011 and 2014 — was the result of months of work by the Federal Attorney General’s Office (FGR). She said that the FGR has adopted “new ways of investigating” the Ayotzinapa case.

“It may be the same evidence, but now they’re deepening [the investigation] through different mechanisms, many of which involve scientific analysis,” Sheinbaum said.

Former governor of Guerrero arrested on Ayotzinapa-related charges

Asked whether the arrest of Aguirre had a “political background,” the president responded: “It has nothing to do with a political issue. It’s part of an investigation.”

As governor, Aguirre represented the Democratic Revolution Party, or PRD, but he was previously affiliated with the Institutional Revolutionary Party, or PRI, for decades. Mexico’s president at the time of the students’ disappearance was Enrique Peña Nieto, who represented the PRI both as president between 2012 and 2018 and governor of México state between 2005 and 2011.

Sheinbaum explains why there will be no fracking in the Tampico-Misantla basin

Sheinbaum reiterated that no final decision has been taken regarding the commencement of large-scale fracking in two shale basins in northern Mexico.

Subsequently, a day after an expert fracking committee publicly announced its recommendation against fracking in the resource-rich Tampico-Misantla basin in Veracruz and Tamaulipas, the president reaffirmed that her government would heed that advice.

“In the Tampico-Misantla basin, [there will be] no [fracking] there,” Sheinbaum said.

“Why? Because there are Indigenous peoples, because the nature is very rich, because the environmental impacts would be very serious,” she said.

Despite those remarks, Sheinbaum has asserted that the use of “new technologies” can make fracking a sustainable practice that doesn’t harm the environment.

Mexican and US officials to discuss suspension of avocado certifications  

Sheinbaum told reporters that Mexican officials would meet with U.S. Embassy officials on Friday morning to discuss the U.S. government’s suspension of avocado certifications in Michoacán due to security concerns.

She said that the “objective” of today’s meeting is to address the U.S. government’s concerns with a view to resuming avocado exports to the United States.

By Mexico News Daily chief staff writer Peter Davies (peter.davies@mexiconewsdaily.com)

‘Quédate Esta Noche’: The passion of Chavela Vargas and Frida Kahlo

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Chavela Vargas and Frida Kahlo laying and laughing together
Chavela Vargas described Frida Kahlo as “a being from another world.” Between too many tequilas and jealousy, she fell hopelessly in love with her. This is their story. (Tina Modotti/Public Domain)

Chavela Vargas never hid her lesbianism. On the contrary, the night she met Frida Kahlo in the 1940s, she didn’t hesitate to let her know she was interested. Connected by a mutual friend, the two women were at different points in their artistic and professional development. Kahlo was already a leading figure in the art world alongside her husband, Diego Rivera, while Vargas was still a decade or more from the release of her first record.

Even before her later professional successes, Chavela Vargas knew she wanted something with Frida Kahlo. A painter friend invited her to Casa Azul, to one of the many parties Rivera hosted in Coyoacán. That was the day the ranchera singer found “a swallow taking flight” in Kahlo’s distinctive unibrow. What followed was the passionate story of two fiery women.

‘Quédate esta noche’

Frida Kahlo, aged 18 or 19, with a book on her lap
Frida Kahlo, aged 18 or 19, in a photo taken by her father in 1926. (Carl Wilhelm Kahlo Kauffmann/Wikimedia Commons)

“It was dazzling to see her face, her eyes,” Vargas recounted decades later about her first encounter with Kahlo. In the 2017 documentary that bears her name, “Chavela,” she asserted that the painter “was someone out of this world.”

“Her unibrow was like a swallow in full flight. Without yet possessing the maturity of a woman, as I was very young, I sensed that I could love this being with the most devoted love in the world, the most boundless love in the world.”

A longtime lover of tequila and mezcal, Vargas took advantage of her popularity with the guests to pick up a guitar and begin singing. To the tune of “Quédate esta noche” (“Stay Tonight”), Kahlo understood that there was no escape: It would be virtually impossible to flee the energy of a woman in full eruption.

And indeed, Vargas and Kahlo spent the night together. Even with Rivera at home, Vargas visited her new lover frequently. There was a time, as documented by national media, when the painter asked Vargas to live with her at Casa Azul, located in Mexico City’s Coyoacán neighborhood.

By then, it was well known that she had an open relationship with her husband — who had a particular fondness for other women — and he, moreover, encouraged her encounters with people of the same gender.

The frequent visits turned into longer stays. Between sex, coffee and private concerts in Coyoacán, their relationship became close and affectionate. Vargas recounted that, from her studio at Casa Azul, she sang to Kahlo every day — even when her illness worsened, and she could no longer walk.

A disputed letter

Frida Kahlo and Diego Rivera portrait
Kahlo’s affair with Vargas took place during her second marriage to acclaimed Mexican painter Diego Rivera. (Library of Congress)

The fragment of the letter that Frida Kahlo sent to a friend about Chavela Vargas is well known — although its authenticity is disputed by many scholars, including representatives from Casa Azul, now the Frida Kahlo Museum. Here is what it said:

“Today I met Chavela Vargas. An extraordinary woman, a lesbian; what’s more, I found her erotically appealing. I don’t know if she felt what I felt, but I think she’s a liberal enough woman that if she asked me, I wouldn’t hesitate for a second to undress in front of her. How many times haven’t you just wanted a quick fling? I repeat, she’s erotic. Is she a gift sent to me from heaven?”

With that same passionate impulse, Frida Kahlo tried to get Chavela Vargas to stay at her house longer than the singer could. Eventually, Vargas’ alcoholism, bad temper and frank need to explore other horizons led her to take flight — while the swallow that Kahlo carried between her eyebrows couldn’t take off.

The final goodbye

By then, Kahlo was already suffering severe consequences from the accident she had when she was young. Sometimes she had to use crutches; other times, a wheelchair. According to Chavela Vargas’s recollection, these were Frida Kahlo’s words when they said their final goodbye:

“I know. It’s impossible to tie you to anyone’s life. I can’t tie you to my crutches or my bed. Go.”

And she didn’t return. And they didn’t get back together.

Chavela Vargas didn’t look back, because she was determined to “die on stage” when her time came, which she nearly did in Madrid in 2012 before finally passing away in Mexico weeks later at age 93. Frida Kahlo died a few years after the affair ended in 1954, of a pulmonary embolism at age 47. After her volatile and chaotic relationship with Diego Rivera and dozens of spinal surgeries and bone grafts, it was a release from chronic pain.

There is no record of Vargas attending Kahlo’s funeral.

Andrea Fischer contributes to the features desk at Mexico News Daily. She has edited and written for National Geographic en Español and Muy Interesante México, and continues to be an advocate for anything that screams science. Or yoga. Or both.

El Jalapeño: In response to tequila tariffs, Mexico promises to raise duties on obscure foreign liquors

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A consumer in Mexico City expresses shock at the tariff-induced price tag on a bottle of Finnish cloudberry schnapps he had no intention of buying. (This image was generated using AI tools)

All stories in El Jalapeño are satire and not real news. Check out the original article here.

MEXICO CITY — In a decisive attempt to protect its premier beverage export, the Mexican Ministry of Economy announced Friday that it will retaliate against punitive foreign tequila tariffs by levying massive import duties on regional, highly niche spirits that virtually no consumer in North America has ever heard of, much less tried.

The trade strategy, unveiled during a press conference for upcoming National Tequila Day celebrations by Economy Ministry officials, aims to bring symmetry to international trade negotiations. Under the new guidelines, countries charging tariffs of up to 150% on authentic Mexican agave products will see immediate retaliatory duties slapped on their own prized liquors and liqueurs.

Don Julio tequila
Even subject to foreign tariffs, tequila exports earn more than US $4 billion annually for Mexico. (Unsplash)

“If trade partner nations insist on restricting the entry of Jalisco’s finest tequila, we will not hesitate to impose crippling 200% tariffs on traditional Icelandic brennivín, obscure Finnish cloudberry schnapps and hyper-regional spirits like Chicago cult favorite Jeppson’s Malört,” noted ministry aide Valentina Gómez during a press briefing, holding up a sleek graphic showing a steep drop-off in projected imports. “We are sending a crystal-clear message to global trade ministers: tax our tequila, and there will be consequences.”

Industry analysts noted that while Mexico imported billions of dollars worth of foreign goods last year, its consumption of hyper-specific European botanical digestifs remains statistically indistinguishable from zero. However, officials insist the economic leverage of blocking two dozen annual bottles of centuries-old herbal liqueurs will force international trade partners straight to the negotiating table.

“The psychological weight of this policy cannot be overstated,” said Arturo Mendoza, a trade strategist based in Mexico City. “When foreign diplomats realize that high-end cocktail bars in Roma Norte might have to charge 80 pesos more for a dash of Swedish akvavit, the panic in European trade ministries will be palpable. It is a masterclass in asymmetrical economic leverage.”

Ministry officials confirmed that should international tariffs remain in place by the third quarter, additional sanctions will expand to include obscure bitter digestifs from Central Europe and craft fruit brandies produced exclusively in single mountain valleys.

Check out our Jalapeño archive here.

Got an idea for a Jalapeño article? Email us with your suggestions!

Former governor of Guerrero arrested on Ayotzinapa-related charges

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12 years after the Ayotzinapa atrocity that took place in Iguala, Guerrero, then-Governor Ángel Heladio Aguirre Rivero is behind bars in México state. (Facebook)

Federal authorities on Thursday announced the arrest of former Guerrero Governor Ángel Heladio Aguirre Rivero in connection with the 2014 abduction and presumed murder of 43 teachers college students.

Aguirre, governor of Guerrero from 2011 until his resignation in October 2014, was detained in México state on charges of concealment and/or destruction of evidence related to the whereabouts of the students, according to the Federal Attorney General’s Office (FGR).

 The FGR said on social media on Thursday morning that “as part of a new investigative model,” it carried out a reexamination of the September 2014 disappearance of 43 students from the Ayotzinapa Rural Teachers College in Guerrero. The students — all young men — disappeared in Iguala, Guerrero, on September 26, 2014, after the bus on which they were traveling to Mexico City was stopped by municipal and state police.

Police allegedly handed the students over to members of Guerreros Unidos, a crime gang.

The FGR said that “new acts of investigation” allowed it to “confirm the possible participation” of Aguirre, a Democratic Revolution Party governor, “in the concealment of evidence” related to the whereabouts of the students.

Consequently, a warrant for the arrest of the ex-governor was “requested, obtained and executed,” the FGR said on Thursday morning.

The FGR subsequently released a statement from Attorney General Ernestina Godoy, who said that the FGR has evidence that Aguirre ordered the concealment of video footage that showed the bus on which the students were traveling at the time it was stopped by police.

“On the night of September 26, 2014, the ‘Estrella de Oro’ bus number 1531, on which the group of teacher-training students was traveling, was captured on video by security cameras 12 and 15, located outside the State Palace of Justice in Iguala, at the time it was stopped by municipal and state police officers,” Godoy said.

“The first official statements claimed that the material in question did not exist due to alleged technical failures in the [security camera] system. However, subsequent investigations confirmed that this claim was false,” she said.

Godoy said that in January, a cooperating witness provided testimony that “confirmed the existence of the video recordings.” That witness, the attorney general said, identified the person who “removed” the recordings in order to “deliver them directly” to Aguirre.

Godoy said that the witness also provided information about threats they had received, which “explained their previous silence.”

The attorney general said that in May, “a second protected witness strengthened said testimony” by declaring that Aguirre “ordered, in a meeting with top officials from his government,” the concealment of “any evidence related to the events that occurred in the vicinity of the Iguala Palace of Justice.”

“The Attorney General’s Office has evidence that confirms that said instruction of concealment was issued directly by the then governor, with the participation of high-level state public servants,” Godoy said.

Near the start of her statement, the attorney general said that a reexamination of the Ayotzinapa case “confirmed with full evidence and adherence to due process the possible participation of Ángel ‘N,’ ex-governor of the state of Guerrero, in the destruction of evidence [needed] to determine the whereabouts of the students.”

Godoy said that Aguirre was arrested on Thursday in México state, but didn’t specify exactly where he was taken into custody. However, according to the National Arrests Register, the ex-governor was detained on Thursday morning in Tepotzotlán, a México state municipality north of Mexico City. He was subsequently transferred to the Altiplano federal prison in Almoloya de Juárez, México state.

The arrest of Aguirre is one of the most prominent detentions in connection with the Ayotzinapa case, which sparked outrage in Mexico and around the world, and triggered large protests in Mexico City and across the country.

In a 2023 report, the previous federal government led by former President Andrés Manuel López Obrador outlined three “possible reasons” for the abduction of the students, one of which was “the possible presence of drugs, weapons or money” on buses Ayotzinapa students had commandeered to travel to a protest in Mexico City.

The disappearance of the 43 young men — a “crime of the state,” according to a top official in the previous federal government — was a major blight on the 2012-18 presidency of Enrique Peña Nieto, but he survived widespread calls for his removal from office. The remains of just three students have been found.

Scores of people have been arrested in connection with the case, but no has been convicted of the crime and some suspects have been released from prison. Among those who have been detained are soldiers and high-ranking members of the Mexican Army, police officers, Guerreros Unidos members and Jesús Murillo Karam, federal attorney general at the time of the students’ disappearance.

Murillo was detained in 2022 on charges of forced disappearance, torture and obstruction of justice in connection with the Aytozinapa case. He was released from prison in 2024 after a judge ruled he could await trial under house arrest. The 78-year-old former attorney general suffered a stroke in April.

With reports from La Jornada and AP 

Vatican envoy prays for Mexico’s missing at CDMX Basilica Mass

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Cardinal Pietro Parolin presides at Mass at the Basilica of Our Lady of Guadalupe in Mexico City on Wednesday.
Cardinal Pietro Parolin presides at Mass at the Basilica of Our Lady of Guadalupe in Mexico City on Wednesday. (Mario Jasso / Cuartoscuro.com)

Vatican Secretary of State Cardinal Pietro Parolin, who’s in Mexico as part of a multi-day official visit that began on Tuesday, presided a Mass at the Basilica of Our Lady of Guadalupe in Mexico City, where he called for prayers for missing persons and “searching mothers.” 

After reading a few passages from the Bible regarding the miracles of the Virgin Mary and concern for one’s neighbor, Pietro spoke of the arduous search undertaken by mothers with a missing loved one.

“Their example resonates with particular force here in Mexico, where so many mothers continue to search for their missing children with steadfastness and faith,” he said, calling upon the faithful to support them with solidarity and prayer. 

During his homily, Parolin noted that too many communities are “scarred by violence and aggression” and that a significant number of families have experienced the pain of loss. He urged that prayer be translated into concrete actions of solidarity with victims, migrants, and marginalized groups.

The Mass followed a one-hour meeting between Pietro and President Claudia Sheinbaum, during which both officials discussed the formal invitation for Pope Leo XIV to visit Mexico. 

Sheinbaum reiterated her invitation for the pope to visit the country at her Wednesday morning press conference, saying, “We’re going to insist on the visit of the pope to Mexico.”

The meeting also addressed the challenges posed by artificial intelligence in light of Pope Leo XIV’s latest encyclical Dilexi Te.

“The Pope’s calls for peace, fraternity, and closeness to the most vulnerable represent a humanitarian vision—one that is indispensable at a time when the world needs to strengthen dialogue, solidarity, and cooperation among nations,” Sheinbaum wrote on her official X account along with a picture of the meeting.

The message of the pope’s emissary carries significant weight in Mexico, the country with the second-highest Catholic population in the world after Brazil. Nearly 80% of Mexico’s population (101.3 million people) identify as Roman Catholic.

Pietro’s statement comes as Mexico continues to confront a disappearance crisis, with over 132,000 people officially listed as missing or unaccounted for, and mothers and relatives often leading the search themselves.

With reports from El Universal and Vatican News

Reward for CJNG’s new leader jumps to $25 million after ‘El Mencho’s’ death

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US officials with a poster displaying the CJNG leaders and associated rewards for their capture
US officials discuss the CJNG reward increases and visa restrictions during a Thursday press conference, a day after the measures were announced. (U.S. Justice Department)

The U.S. government on Wednesday raised from US $5 million to $25 million the maximum reward it is offering for information leading to the arrest of Juan Carlos Valencia González, the alleged new leader of the Jalisco New Generation Cartel (CJNG).

The U.S. State Department announced the higher bounty as part of reward offers totaling up to $102 million “for information leading to the arrests and/or convictions, in any country, of eight leaders and associates” of the CJNG, one of eight Mexican criminal organizations that have been designated as foreign terrorist organizations (FTOs) by the U.S. government. All of the eight people — seven men and one woman — face criminal charges in the United States.

Juan Carlos Valencia González, aka "El Pelón.
The U.S. Justice Department is offering US $25 million for information leading to the capture of Juan Carlos Valencia González, aka “El Pelón.” (U.S. Justice Department)

“The reward offers include up to $25 million (an increase from up to $5 million) for Juan Carlos Valencia González, aka ‘Pelón,’ the new leader of CJNG following the recent death of his stepfather, CJNG founder Nemesio Rubén Oseguera Cervantes, aka ‘El Mencho,'” the State Department said in a statement titled “Degrading CJNG: Announcing over $100 Million in Reward Offers and Visa Restrictions.”

Oseguera, the founder of the CJNG and longtime leader of the powerful cartel, was fatally wounded by soldiers during a military operation in Tapalpa, Jalisco, on Feb. 22.

His 41-year-old stepson — a California native who is also known as “El R3,” among other aliases — was subsequently identified in media reports as a leading contender to become the new leader of the CJGN.

According to an online Department of State wanted poster, Valencia González was charged in October 2020 in the U.S. District Court for the District of Columbia with “conspiracy to distribute a controlled substance for purpose of unlawful importation into the United States and use of a firearm during a narcotics transaction.”

US raises reward for a suspect already in custody 

The U.S. State Department announced a reward of up to $15 million — an increase from up to $5 million — for the conviction of Audias Flores Silva, aka “El Jardinero” (The Gardener), who was detained by the Mexican Navy in Nayarit in April.

Prior to his capture, the 45-year-old Michoacán native was a “regional commander” of the CJNG, according to the State Department.

“In addition to his narco-trafficking activities, Flores Silva is the alleged leader of CJNG’s timeshare fraud operations in Nayarit, including a major operation centered around the Kovay Gardens resort targeting vulnerable Americans,” the State Department said in an online poster.

“… The U.S. Department of State is offering a reward increase of up to $15 million for information leading to the conviction of Flores Silva,” the State Department said.

Rewards of $2 million to $15 million for 6 other suspects

The State Department said it is also offering a reward of up to $15 million for information leading to the arrest and/or conviction of Gonzalo Mendoza Gaytán, aka “El Sapo” (The Toad), who is said to be a godson of Oseguera.

Mendoza is a “senior leader” of the CJNG and “controls most of the cartel’s operations in Jalisco,” according to the State Department. The 37-year-old Michoacán native was also mentioned in media reports as a possible successor to “El Mencho.”

CJNG leadership structure
The new reward offers total more than $100 million “for information leading to the arrests and/or convictions” of top CJNG leaders. (U.S. Justice Department)

The State Department is also offering a reward of up to $15 million for information leading to the capture and/or conviction of Julio Alberto Castillo Rodríguez, a son-in-law of the now-deceased Oseguera.

Castillo, known as “Chorro” and “Ojo de Vidrio” (Glass Eye), is a “senior member” of the CJNG and runs the cartel’s “daily operations in Colima, including by exercising control over parts of the port of Manzanillo, one of Mexico’s busiest ports,” according to the State Department. The 49-year-old is also a native of Michoacán, the state where “El Mencho” was born.

The State Department is offering rewards of up to $10 million each for Ricardo Ruiz Velasco, aka “Tripa” and “Doble R”; Julio César Montero Pinzón, aka “El Tarjetas”; and Carlos Andrés Rivera Varela, aka “La Firma.”

Ruiz, who was also mentioned in media reports as a possible successor to Oseguera, is a senior CJNG “lieutenant” and “leader of ‘Grupo Élite,’ a CJNG paramilitary group known for its extreme violence,” according to the State Department.

Montero is an “alleged high-ranking leader” of the CJNG who “allegedly directed an international complex fraud scheme targeting Americans who own timeshare properties in Mexico.”

Rivera, a native of Colombia, is “an alleged high-ranking leader” of the CJNG who also “allegedly directed an international complex fraud scheme targeting Americans who own timeshare properties in Mexico,” according to the State Department.

The State Department is offering a reward of up to $2 million for information leading to the arrest and/or conviction of Griselda Margarita Arredondo Pinzón, an “alleged high-ranking financial operator” for the CJNG. She is Montero’s half-sister, according to U.S authorities.

State Department announces US visa restrictions on relatives and associates of people linked to CJNG

In the same statement, the State Department announced that it was “imposing visa restrictions on 65 individuals who are family members or close personal or business associates of persons linked to CJNG” and who have been sanctioned under Executive Order 14059: Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade.

It said that 26 of those individuals “had existing visas, which have now been revoked.”

“Since announcing this visa restriction policy in June 2025, a total of 93 visas have been revoked from family members and associates of sanctioned drug traffickers connected to FTO-designated cartels,” the State Department said.

“Under President Trump and Secretary Rubio’s leadership, violent cartel operatives and their criminal facilitators are no longer able to enter our country and terrorize the American people.”

Secretary of State Marco Rubio took to social media on Wednesday to tout the new rewards and visa restrictions.

“The United States is hunting down, dismantling, and destroying Cártel de Jalisco Nueva Generación,” he wrote on X

U.S. Ambassador to Mexico Ron Johnson shared Rubio’s X post, writing above it:

“The pressure on the cartels and narcoterrorist organizations continues. … Under the leadership of @POTUS @realDonaldTrump, working alongside Mexican authorities, we are dismantling cartel leadership and holding accountable those who traffic deadly narcotics, such as fentanyl, and spread violence.”

A blow to the CJNG in Spain 

Separately, the National Police of Spain (CNP) announced on Wednesday that its agents, in a joint operation with the French Anti-Narcotics Office OFAST, had “broken up a branch of the Jalisco New Generation Cartel (CJNG) allegedly dedicated to the international trafficking of methamphetamine, and dismantled all its logistics infrastructure in Spain, including a clandestine laboratory.”

Thirteen people who allegedly belong to the criminal group were detained in operations in the cities of Lleida, Barcelona and Tarragona. Seven Mexicans, four Spaniards and two Colombians were arrested in the three cities, all of which are located in the Catalonia region of northeastern Spain.

The CNP said that the CJNG cell allegedly brought into Spain from Mexico “2.5 tonnes of methamphetamine camouflaged in approximately 12 tonnes of liquid vanilla flavoring.”

The confiscation of the meth was “one of the largest seizures” ever in Spain and Europe, the CNP said.

Mexico News Daily  

How Guanajuato set the stage for Mexico’s independence from Spain

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Statue of El Pípila
Perhaps you've seen the statue of El Pípila in Guanajuato, but do you know why he was a hero? (Wikimedia Commons)

The state of Guanajuato brings local and foreign tourists alike interested in exploring famous colonial towns and unique nature. But behind the manicured streets of San Miguel de Allende and Guanajuato City lie some of the most important stories in Mexican history. 

On Sept. 28, 1810, Miguel Hidalgo y Castillo marched into Guanajuato with a ragtag army of tens of thousands at his back, kicking off the Mexican War of Independence. But why did it start here?

Mexico’s War of Independence 101: A quick overview for newbie expats

Just 12 days earlier in the town of Dolores, located approximately 60 kilometers from the capital city, Hidalgo issued his famous cry. The priest was fed up with Spanish colonial rule, which had conquered Mexico nearly 300 years prior. The cry was an urge to the people of Hidalgo’s congregation. He was pleading with them to revolt against the Spanish, and called his parish to arms. 

The speech worked, and days later Hidalgo was the commander of an unofficial, untrained and unruly army, tens of thousands of soldiers strong. They were peasants, laborers and the poor. They had little equipment and even less training, but they had numbers. 

The peasant army marched from Dolores to San Miguel de Allende and down to Celaya, where they looted and sacked Spanish homes, bringing more Indigenous and Creole people into their ranks. 

Hidalgo’s forces reached Guanajuato with little resistance. Juan Antonio Riaño, the Spanish intendant of Guanajuato, chose to fight instead of surrendering the city. Riaño barricaded himself in the Alhóndiga de Granaditas, a massive, fortified stone structure made for storing grain. 

Riaño’s force of around 400 men was greatly outnumbered. Spanish families moved into the granary, their wealth and belongings in tow, hoping to find shelter from the revolutionary horde. However, Riaño’s decision to only shelter Spanish families angered the local population in Guanajuato, who rallied behind Hidalgo. 

With a massive force now ranging from 20,000 to 50,000 men, Hidalgo began the siege. He ordered his men to charge the gates of the fortress, where they took heavy losses but began to pound the front gate. 

Riaño, now sensing defeat, tried to leave with a group of soldiers, but was shot and killed instantly. Riaño was previously a close friend of Hidalgo, who even wrote to Riaño before the siege to offer protection of him and his family, but the Spaniard had rejected — a decision which cost him his life.

The Spanish, however, still had one trick up their sleeve. They fitted a rifle with a white flag and waved it from the roof of the granary, signaling surrender. But as the rebellious forces began to drop their guard and approach the gates, the order was rescinded and the Spanish gunned down the unsuspecting soldiers. 

It was too little too late, however, as the fortress was breached by insurgent soldier Juan José de los Reyes Martínez Amaro, the unlikeliest of heroes. A local miner — whose appearance, according to legend, resembled a turkey or guajolote, giving rise to the nickname “El Pípila” — strapped a large stone to his back and approached the gate with tar and a torch. The stone shielded him from gunfire, and he was able to burn through the door. 

El Pípila with a stone on his back
Historical accounts vary on how exactly El Pípila performed the feat pictured here, which secured Mexico’s first battle against the Spanish in what would become an 11-year war. (National Institute for Historical Studies of the Mexican Revolutions)

El Pípila’s statue now stands high above the city at Guanajuato’s famous viewpoint. He is honored for his bravery and as a hero of the city. 

With the gate open, Hidalgo’s forces flew inside and mercilessly slaughtered the Spanish, including the huddled families who entered the granary seeking shelter. Their wealth was pillaged and the violence spread into the streets, where the resistance army spent days destroying Spanish and Creole homes and stealing their possessions. Over 3,000 insurgents were killed during the siege and the ensuing violence, along with hundreds of Spanish in the granary.

The attack on Guanajuato was brutal, but the rebels had won the first battle of the War of Independence. Hidalgo continued to lead his forces through the Bajío, and the battle set the stage for Mexican victory, with the Spanish abandoning the country in 1821.

The bullet holes from the siege are still riddled throughout the walls of the granary. They serve as both a reminder of the fight that led to a free Mexico and a monument to the lives lost from war. 

Jared Tucker is a summer intern at Mexico News Daily in San Miguel de Allende and a rising senior at the University of Washington in Seattle, where he is the sports editor for The Daily UW. He was previously a fellow at TheFulcrum.us, where he covered public participation in American democracy.

Mexico in Numbers: The peso’s wildest swings since 2000

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dollars and mexican pesos
The peso's value against the dollar has swung widely since the turn of the century, from 25.12 to the dollar at its weakest point to a strong point of 8.94 pesos per dollar. (Shutterstock)

Anyone who has been living in or visiting Mexico for an extended period of time knows that at certain times this century, one US dollar bought significantly fewer Mexican pesos than it does today.

I’m talking about 25 years ago, 20 years ago, 15 years ago.

I’m not talking about 10 years ago, when the greenback rose above 20 to the peso, or six years ago, when the USD:MXN exchange rate exceeded 25 at the onset of the COVID pandemic.

At the close of trading on Aug. 5 (i.e. yesterday), one US dollar was worth 17.24 Mexican pesos, according to the Bank of Mexico. That puts the current USD:MXN exchange rate more or less on par with the prevailing rates in December 2015 and June 2023.

This “Mexico in Numbers” article will show you how the USD:MXN exchange rate has changed this century. The aim is not to examine in depth why the rate has changed over the past 25 years, although I do mention a few factors that have caused the peso to appreciate or depreciate at different times this century.

Before we look closely at the USD:MXN exchange rate fluctuations since Jan. 1, 2001, here are two key numbers relevant to our topic.

* N.B. — All of the USD:MXN exchange rate data in this article comes from the Bank of Mexico (Banxico). Exchange rate data from 1954 to 2026 can be downloaded from the central bank’s website.

25.12

This is the highest USD:MXN exchange rate this century, and indeed of all time. This was the prevailing rate on March 24, 2020 — 13 days after the World Health Organization declared the COVID-19 outbreak a pandemic.

8.94

This is the lowest USD:MXN exchange rate this century. This was the prevailing rate on May 21, 2001 — 113 days before two planes crashed into the Twin Towers in New York City.

Changes in the USD:MXN exchange rate this century 

For each of the five-year intervals that appear below, I note the prevailing USD:MXN exchange rates on the first trading day of each year and on June 30 (or on the closest trading day to that date). I also highlight the highest and lowest exchange rates in each period.

Mexico in Numbers infographic highlighting numbers from the article

2001-2005: The peso weakens almost 9%

The Mexican peso traded at 9.71 to the US dollar on Jan. 2, 2001, the second calendar day of this century. On June 29, 2001, the USD:MXN exchange rate was 9.07. Just over a month earlier, as noted above, the peso traded at 8.94 to the greenback, its strongest position this century.

On Jan. 2, 2002, the USD:MXN exchange rate was 9.10, while on July 1 of that year it was 9.92. On September 4, 2002, the USD:MXN exchange rate went above 10 for the first time this century. The peso previously traded at more than 10 to the dollar in 1998 and early 1999.

On Jan. 2, 2003, the peso traded 10.36 to the dollar, while on June 30 of that year the USD:MXN rate was 10.43.

On Jan. 2, 2004, the USD:MXN rate was 11.08, while on June 30 of that year it was 11.52. The USD:MXN exchange rate reached its highest point of the 2001-2005 period on May 10, 2004, when one greenback bought 11.63 pesos.

On Jan. 3, 2005, one US dollar was worth 11.20 pesos, while the USD:MXN rate was 10.77 on June 30 of that year and 10.63 on Dec. 30.

Thus, the peso depreciated 92 centavos, or around 8.7%, against the US dollar between Jan. 1, 2001 and Dec. 30, 2005. The peso’s weakest point in the period (11.63 to the dollar) represented a 23.1% depreciation compared to its strongest point (8.94).

2006-2010: The pace of peso depreciation quickens

The USD:MXN exchange rate on Jan. 2, 2006, was 10.62, while on June 30 it was 11.27.

On the first trading day of 2007 — Jan. 2 — one US dollar bought 10.78 pesos, while a greenback purchased 10.79 pesos on June 29 of that year.

On Jan. 2, 2008, the peso traded at 10.89 to the dollar, while on June 30 of that year the Mexican currency was stronger at 10.30 to the greenback. On Aug. 5, 2008, the peso reached its strongest position of the 2006-10 period, trading at 9.91 to the dollar.

On Jan. 2, 2009, the peso traded at a much weaker 13.76 to the dollar and exactly two months later, on March 2 , the currency fell to its weakest point of the 2006-10 period — 15.36 to the dollar at a time when the global financial crisis had taken a heavy toll on the Mexican currency. By June 30, 2009, the peso had significantly recovered to trade at 13.17 to the dollar.

On the first trading day of 2010 — Jan. 4 — the peso was even stronger at 12.92 to the dollar. The USD:MXN exchange rate was 12.84 on June 30, 2010, and 12.34 on Dec. 31 of that year.

The peso depreciated 13.9% between Jan. 2, 2006 and December 31, 2010. The peso’s weakest point in the period (15.36 to the dollar) represented a 55% depreciation compared to its strongest point (9.91). That wild swing occurred in the space of just seven months.

2011-2015: The pace of peso depreciation quickens again, doubling to almost 30% 

On Jan. 3, 2011, the USD:MXN exchange rate was 12.25, while on June 30 of that year it was 11.72. The peso’s strongest point in this five-year period was a rate of 11.50 to the greenback on May 2, 2011.

On the first trading day of 2012 — Jan. 2 — the peso traded at 13.93 to the greenback, whereas on June 29 the USD:MXN rate was 13.40

On Jan. 2, 2013, the peso was stronger at 12.74 to the greenback, while on July 1 of that year it traded at 12.91 to the dollar.

On Jan. 2, 2014, one greenback bought 13.10 pesos, while on June 30 the peso was slightly stronger at 12.97 to the dollar.

On the first trading day of 2015 — Jan. 2 — the USD:MXN rate was 14.82, while the dollar was significantly stronger on June 30 of that year, buying 15.68 pesos. The greenback continued strengthening in the second half of 2015, reaching its strongest point of the 2011-15 period on Dec. 14, when it bought 17.37 pesos.

A week before the peso tumbled to that point, Reuters reported that the Mexican currency had fallen to “a more than two-month low” as crude oil prices hovered near 7-year lows. Then-Bank of Mexico Governor Agustín Carstens said at the time that global volatility could continue to hit the peso in December 2015. And Carstens was right — the peso depreciated further from the 16.90 rate on Dec. 7, 2015, the date on which his remarks to Reuters were published.

In the five years between January 2011 and December 31, 2015 — when the USD:MXN rate was 17.24 — the peso depreciated 28.9%. The peso’s weakest point in the period (17.37 to the dollar) represented a 33.8% depreciation compared to its strongest point (11.50).

2016-2020: Pandemic drags peso down to its weakest level ever  

On Jan. 4, 2016, the USD: MXN exchange rate was 17.35, while on June 30, one greenback bought 18.46 pesos.

On April 29, 2016, the peso traded at its strongest level in the 2016-2020 period — 17.17 to the greenback. However, later in 2016 — on Nov. 10 to be exact — the peso traded above 20 to the dollar for the first time ever. The peso’s depreciation to above 20 to the dollar came two days after Donald Trump won the 2016 presidential election.

On Nov. 10, 2016, Reuters reported that the Mexican peso had sunk again, “taking its biggest two-day tumble in more than 20 years as investors worried about how U.S. president-elect Donald Trump’s policies could hit exports from Latin America’s second largest economy.”

Earlier in 2016, as the peso approached 20 to the dollar, memes appeared showing the Mexican 20-peso banknote with the words “new one-dollar bill” superimposed on it.

On the first trading day of 2017 — Jan. 2 — the peso was still above 20 to the dollar, with the USD:MXN rate at 20.73. On June 30 of that year, the peso was significantly stronger at 18.06 to the greenback.

On Jan. 2, 2018, the USD:MXN exchange rate was 19.48, while on June 30 of that year it was 19.69.

On Jan. 2, 2019, one greenback bought 19.58 pesos while on July 1 of that year a dollar purchased 19.07 pesos.

COVID testing center
The peso saw its weakest value since 2000 during the early days of the COVID pandemic. (File photo)

On the first trading day of 2020 — Jan. 2 — the peso traded at 18.88 to the dollar, while on June 30 it was significantly weaker at 23.08 to the greenback.

As noted at the start of this article, the peso depreciated to its weakest level ever — 25.12 to the dollar — on March 24, 2020, at the onset of the COVID pandemic.

On March 23, 2020, Mexico News Daily reported that the peso had fallen to “a new record low” against the US dollar “as the coronavirus pandemic continues to take a heavy toll on economies around the world.”

At the time, MND reported: “The financial group Monex said that the peso is facing ‘considerable stress’ due to the economic impact of COVID-19 around the world. As the pandemic worsens, investors have rushed to free themselves of high-risk currencies, such as the peso, in favor of the US dollar, which is regarded as the ultimate safe-haven currency.”

By the end of 2020, the peso had substantially recovered, trading at 19.90 to the dollar on Dec. 31.

Between January 2016 and December 2020, the peso depreciated 12.8%. The peso’s weakest point in the period (25.12 to the dollar) represented a 31.6% depreciation compared to its strongest point (17.17).

2021-2025: The value of the peso against the dollar goes up, not down! 

On Jan. 4, 2021 — the first trading day of this decade — the USD:MXN exchange rate was 19.84, while on June 30 of that year one dollar bought 19.90 pesos. Later in the year, on Nov. 26, the peso depreciated to its weakest level in the 2021-25 period — 21.82 to the greenback.

By the end of 2021, the peso had recovered somewhat to trade at 20.46 on Dec. 31. On that date, Reuters reported that the peso had gained “to above one-month highs … amid fewer concerns about the economic impact of a rise in coronavirus infections.”

Three days later, on Jan. 3, 2022, the peso traded at 20.58 to the dollar, while the USD:MXN exchange rate on June 30 of that year was 20.13.

On the first trading day of 2023 — Jan 2. — the peso traded at 19.48 to the greenback, an appreciation of over 3% for the Mexican currency compared to six months earlier. On June 30, 2023, the peso was significantly stronger again at 17.13 to the dollar.

At various times later in the year, the peso traded at below 17 to the dollar. MND reported on July 12, 2023, that the peso had “strengthened to 16.82 to the US dollar … on the back of data that showed that annual inflation in the United States slowed to 3% in June [of that year], its lowest level in over two years.”

On the first trading day of 2024, the peso was back above 17 to the dollar, but only just. On Jan. 2 of that year, the peso traded at 17.02 to the dollar, while on July 1, 2024, the USD:MXN rate was 18.38.

On April 8, 2024 — the day that a total solar eclipse mesmerized millions across Mexico — the peso appreciated to its strongest point of the 2021-2025 period, trading at 16.33 to the greenback. On that day, MND reported that the peso had “continued its hot streak…, appreciating to its strongest level against the dollar in almost nine years.”

At the time, Banco Base’s director of economic analysis, Gabriela Siller, attributed the appreciation of the peso to three factors: the inflow to Mexico of foreign currencies from exports, remittances and foreign direct investment; the “expectation” that the wide gap between interest rates in Mexico and the United States (11% in the former vs. 5.25%-5.50% in the latter at the time) would “attract capital to Mexico”; and the “expectation” that nearshoring would “attract waves of dollars” to Mexico.”

By the time the first trading day of 2025 rolled around, the peso was significantly weaker, trading at 20.69 to the greenback on Jan. 2 of that year. On June 30, 2025, the peso was stronger at 18.83 to the dollar, while the currency finished the year at 18.00 to the greenback on Dec. 31.

Between January 2021 and the end of 2025, the peso appreciated 10.2% against the dollar. Of the five-year periods considered in this article — five in total — the 2021-2025 interval was the only one in which the peso appreciated against the dollar. In addition, it was the only interval in which the peso’s strongest position came after its weakest position. The peso’s strongest point in the period (16.33 to the dollar in April 2024) represented a 33.6% appreciation compared to its weakest point (21.82 in November 2021).

2026: The peso continues to strengthen

Compared to the Bank of Mexico’s closing rate on Dec. 31, 2025 of 18.00 Mexican pesos to the dollar, the peso has appreciated 4.4% this year, based on the 17.24 closing rate on Aug. 5.

The El Economista newspaper reported on Wednesday, Aug. 5, that the appreciation of the peso, after closing at 17.26 on Aug. 4, was “supported by a greater appetite for risk” as currency traders remained “attentive to news about a possible [peace] agreement in the Middle East,” where the United States and Iran have been at war since late February.

Key numerical takeaways from the changes in the USD:MXN exchange rate this century  

  • Between Dec. 29, 2000 and Aug. 5, 2026 — this century, in other words — the Mexican peso depreciated 44.3%.
  • Put differently, the US dollar appreciated 79.6% between the end of 2000 and Aug. 5, 2026.
  • The difference between the highest USD:MXN rate this century (25.12) and the lowest (8.94) is 16.18 pesos.
  • Between May 21, 2001, the day the USD:MXN rate was 8.94, and March 24, 2020, the day that the USD:MXN rate was 25.12, the peso depreciated 64.4%.
  • The appreciation of the US dollar between May 21, 2001 and March 24, 2020, was 181%.

By Mexico News Daily chief staff writer Peter Davies (peter.davies@mexiconewsdaily.com)