Mexican Peso

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Mexican Peso

The currency of Mexico. For most of the 20th century, the peso was one of the more stable currencies in the world, and it had not been subject to the hyperinflation that plagued other Latin American countries. However, the 1970s oil crisis resulted in Mexico defaulting on its national debt in 1982; this slowed growth and caused hyperinflation throughout the 1980s. The "new peso," which was introduced in 1993, helped to stabilize the country. Now, the peso is one of the most traded currencies in the world.
References in periodicals archive ?
Continuing economic and financial problems in Mexico, which resulted in further depreciation on balance of the Mexican peso against the dollar, also seemed to add to negative sentiment toward the dollar because the process of adjustment in the Mexican economy to the lower value of the peso was viewed as implying reduced imports from and increased exports to the United States.