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Volatile peso could see nautical sector list tourist services in Mexican pesos

Riviera Maya, Q.R. — Local nautical tourist service providers are considering a price switch to Mexican pesos due to the volatile currency. Francisco Fernández Millán, the President of the Nautical Associates of Quintana Roo, say the drop in the dollar against the peso has has an impact on local company income.

He says the sector is considering marketing their services in Mexican pesos rather then in USD in 2024, so as not to have effects on foreign currency. He says the drop in the dollar has had an impact as much as 20 percent on the income of companies.

“There are various factors that have impacted us drastically this past year and that makes it a complicated year due to more than 100 days of port closures (due to bad weather) in addition to the fact that the holiday seasons were not as positive as projected,” reported Fernández Millán.

The President of the Asociados Náuticos de Quintana Roo says many partners endured the prices in USD, however, volatility over the past few months has been affecting businesses.

Not only have nautical service providers lost money, the activities are becoming more expensive for tourists.

Prices for tourist services such as snorkeling, fishing and catamaran tours could be listed in Mexican pesos in 2024.
Photo: Ayuntamiento de Isla Mujeres January 2, 2024.

“That is why we are analyzing, to determine if it is viable to put the rates back in pesos derived from the fact that the exchange rate continues to decline and stability is not there. This way with the adjustment, boat owners could lessen the losses,” he said.

Fernández Millán says the increased cost of fuel has also played a role this past year. However as of January 1, the minimum wage was increased around the country, a factor that also needs to be considered.

For the time being, prices for nautical activities are still listed in USD.