Mexican peso

currency of Mexico

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.

The Symbol $ of Mexican Peso.

Exchange rates

  • 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 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
  • From 2016 to 2019, it traded between MXN$18 and MXN$20.
  • In 2020, amidst the COVID-19 pandemic, the peso depreciated to it's all-time low of about MXN$25. After 2020, it has appreciated more than 30 percent. In 2024, the peso strengthened to MXN$16.26 per dollar. This is largely due to near-shoring, foreign investment, remittences, and high interest rates to curb inflation.