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ISO 4217 code for the first Mexican peso. 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," (MXN) which was introduced in 1993, helped to stabilize the country, and now the peso is one of the most widely traded currencies in the world. See also: Managed float, Mexican economic crisis.
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