The $Mexican Peso (sign: $; code: MXN) is the currency, or money, of Mexico. The symbol used for the peso is "$", which is the same as for the US dollars it got its symbol from the Spanish-Mexican currency. It is one of the most traded currencies in the world. The current ISO 4217 code for the peso is MXN; before its value was changed in 1993, the code MXP was used. The peso is made up of 100 centavos, represented by "¢". The name comes from the Spanish words pesos oro (gold weights) or pesos plata (silver weights). The meaning of peso in English is weight.
After Mexico's currency crisis in 1994, the peso depreciated greatly against the US dollar. In 1995, the dollar rose sharply from 3.4 to 7.2 pesos per dollar. From the late 1990s to 2008, it traded at 9-12 pesos per dollar, at 12-14 from 2008 to 2014, at 15-16 in 2015, and at 17-20 from 2016 to 2019. In 2020, amidst the COVID-19 pandemic, the peso depreciated to about 25 units per dollar. However, it has since appreciated more than 30 percent. In July 2023, the peso reached a near eight-year high of 16.62 units per dollar; it is currently trading at 17. This is largely due to nearshoring, foreign investment, remittences, and high interest rates to curb inflation.