Glossary: peso (Mex$)

DEFINITION:
Mexican currency prior to 1993. At par with the dollar in the nineteenth century, the Mexican government occasionally devalued the peso in the first half of the twentieth century. From 1954 until 1975, the pesos value was fixed at US$1 = Mex$12.49. In 1976 the peso was allowed to float and depreciated to about US$1 = Mex$100 in 1982. By 1992, however, the pesos value had fallen to US$1 = Mex$3,000, and a new currency, the new peso (NMex$--q.v.), was introduced, replacing the peso at the rate of 1 new peso = 1,000 pesos.

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