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- Mexican Peso
MXN - Mexican Peso
Importance of the Mexican Peso
The Mexican Peso (MXN) is the official currency of Mexico and it is made up of 100 centavos. It is listed as the 15th most traded currency in the world and it is directly connected with various factors that make the MXN a very important currency in the financial market. First, Mexico is a major trading partner with the USA since many Americans either have a business or family in the neighboring country. Thus, many of them travel frequently to Mexico making the value of the Peso strictly connected with the US market. Moreover, the proximity of the two countries makes Mexico an attractive investment destination which is boosted by the higher interest rates that Mexico has compared with the USA.
Introduction of the Mexican Peso
The Peso was the official currency of Spain, known as the “real”. The Mexican Peso was a silver 8-real coin that was in circulation until the mid-19th century. The first Mexica peso coins were issued in 1863 and were denominated in centavos which worthed one-hundredth of the peso. After the huge oil crisis in the 1970s, Mexico failed to repay its external debts and the value of its currency was significantly devaluated. Thus, in 1993 the government of Mexico made a new peso called the “nuevo peso” which had a ratio of 1:1,000 to the old peso. After the uncertainty of NAFTA's future in 2016, the Mexican peso lost another 20% of its value leading to great problems across Latin America where it is the most traded currency.
Freq Used: $20, $50, $100, $200, $500 Rarely Used: $1,000
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