After the Christmas, New Year’s Eve and Three Kings festivities, the demand for cash as a means of payment by the population deflated.
Banco de México (Banxico) reported that in the week ending on January 6, the circulation of banknotes and coins had a decrease of four thousand 399 million pesoswith which the monetary base reached a total balance of 2.6 trillion pesos.
According to the central bank, the foregoing implied an annual variation of 10.8 percent. The organization explained that the growth of the monetary base has been affected by the dynamics of inflation.
It reported that the figure reached by the monetary base as of January 6, 2023, It meant an increase of 261 thousand 717 million pesos with respect to the same date of the previous year.
He stressed that in 2022 the monetary base, or the bills and coins that changed hands every day, added a total of 2.7 trillion pesos, an annual variation of 10.6%, that is to say that the demand for cash last year grew more than inflation than in 2022 with 7.8%, which was the highest in the last 22 years.
In the week that ended on December 30, prior to the celebration of the New Year and the purchase of toys for the arrival of the Three Wise Men in Mexico, the demand for cash increased by 9,238 million pesos.
JM
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