Mexican Peso

The Mexican peso (ISO code: MXN) is the official currency of Mexico. The Mexican peso is subdivided into 100 centavos. The peso was introduced in 1863, replacing the Spanish real at a rate of 5 pesos = 1 real. The peso was initially pegged to the US dollar at a rate of 1 peso = 5 cents. The peso was floated in 1993. The Mexican peso is one of the most traded currencies in Latin America. The Mexican peso is also widely used in the US, particularly in border towns. The Mexican peso is issued by the Bank of Mexico. The Bank of Mexico is the central bank of Mexico and is responsible for monetary policy in the country. The Mexican peso is a floating currency, which means that its value is determined by the market. The Mexican peso is heavily influenced by the US dollar, as Mexico has a close trade relationship with the US. The Mexican peso is a relatively stable currency, but it has been subject to periods of volatility. The Mexican peso crisis of 1994-95 was caused by a sharp increase in US interest rates, which led to a sharp depreciation of the peso. The Mexican peso has recovered since then and is currently trading at around 18 pesos to the US dollar.