Mexican Peso

The Mexican peso is the currency of Mexico. MXN is the currency code for the new Mexican peso. $ is the symbol for the Mexican peso - the same symbol as for the US dollar. The current Mexican peso (MXN) succeeds to the old peso (MXP) which was abandoned in 1993. Indeed, in response to rampant inflation, Mexico decided to revalue its currency. On January 1st, 1993, the first new Mexican peso was issued ("nuevo" peso for "new" peso). The new Mexican peso, very similar in appearance to the old Mexican peso, was set equal to 1,000 old Mexican pesos. This new Mexican peso was called nuevo peso until December 31, 1995. On January 1st, 1996, after three years of transition, the reference "nuevo" was dropped. The Bank of Mexico (Banco de México), the central bank for Mexico, distributes the Mexican Peso. The Mexican peso is considered the most traded currency in Latin America.