MXN ($)
Mexican peso
Current regime
Trading the MXN between market participants and across borders is unrestricted and the market price is primarily determined without central bank intervention.
The payment processing of this currency is highly standardised. Although payments outside of Mexico are more complex.
History
The MXN was introduced on 1 January 1993 to replace the old peso (MXP) at the rate of 1MXN to 1000MXP. The value of the old peso had been destroyed by successive rounds of hyperinflation since the oil crisis of the late 1970s. The original peso can trace its origin to the Spanish dollar or pieces of 8 that circulated widely throughout the Americas and Asia until the demise of the Spanish empire.
The United States accepted the Spanish dollar as legal tender until the Coinage Act of 1857. The MXN was floated on 22 December 1994.
The MXN accounted for 1.7% of global FX turnover in April 2019.
https://www.banxico.org.mx/indexEn.html
