Mexican peso
The Mexian 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, which 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 meaninf peso in English is weight.
Exchange rates
[change | change source]- Following the 1993 revaluation, the peso's official exchange rate was MXN$3 per US dollar.
- As a result of Mexico's currency crisis in 1994, the peso sharply depreciated from MXN$3.4 by try to MXN$7.2 in 1995.
- From 1998 to 2008, it traded within a range between MXN$8 and MXN$11 pesos per dollar.
- In early 2009, the peso briefly depreciated to MXN$15.56 after the 2008 financial crisis. It settled between MXN$12 and MXN$14 from then until 2014.
- In 2015, the peso depreciated from MXN$14.76 to MXN$17
- Since 2016, it has been trading between MXN$17 and MXN$21.
- In 2020, amidst the COVID-19 pandemic, the peso depreciated to it's all-time low of about MXN$25. It has appreciated more than 30 percent since. In early 2024, the peso strengthened to MXN$16.31 per dollar. This is largely due to near-shoring, foreign investment, remittences, and high interest rates to curb inflation.
