Mexican Peso
Peso mexicano
Currency Code
MXN
ISO 484
Symbol
MXN
Native: $
Decimal Digits
2
Rounding: 0
Countries
MX
Using this currency
Currency Units
Major Unit
Name: peso
Symbol: $
Minor Unit
Name: centavo
Symbol: ¢
Value: 0.01
Banknotes
Frequently Used
$20$50$100$200$500
Rarely Used
$1000
Coins
Frequently Used
$1$2$5$1010¢20¢50¢
Rarely Used
5¢
Plural Forms
English Plural
Mexican pesos
Native Plural
Pesos mexicanos
Overview
The Mexican Peso is the currency of Mexico, managed by the Bank of Mexico (Banco de México). It is the third most traded currency from the Americas after the US and Canadian dollars, and is considered an emerging market currency with significant international presence.
Economy
- Mexico is a member of USMCA, G20, OAS, Pacific Alliance, OECD, APEC.
- Main industries include: Food and beverages, Iron and steel, Petroleum, Mining, Textiles, Clothing, Motor vehicles, Consumer durables, Tourism.
- Mexico is part of the World Trade Organization.
- Imports are metalworking machines, steel mill products, agricultural machinery, electrical equipment, aircraft parts, car parts for assembly and repair.
- Major exports include manufactured goods, electronics, vehicles, oil and oil products, silver, fruits, vegetables, coffee, cotton.
- GDP: $1.79 trillion (2023 est.).
- GDP per capita: $13,804 (2023 est.).
- Unemployment rate: 2.8% (2023 est.).
- Inflation rate: 4.7% (2023 est.).
- Main trading partners: United States, China, Canada, Germany, South Korea, Japan.
- Trade agreements: USMCA, Pacific Alliance, Mexico-EU FTA, CPTPP, Various bilateral agreements.
History
- Previous currencies used: Spanish colonial real, Old Mexican peso.
- The peso was introduced in the 16th century during Spanish colonial rule. The modern peso has undergone several redenominations, with the current 'new peso' introduced in 1993.
- 1535: Spanish colonial peso introduced
- 1822: Mexican independence, peso continued
- 1993: New peso introduced (1000:1 redenomination)
- 1994: Tequila Crisis and major devaluation
- 1995: Floating exchange rate adopted
- 2020: COVID-19 pandemic impact and recovery
- Exchange rate peg: USD (1954-1976) various rates.
- Exchange rate peg: Crawling peg (1976-1994).
- Exchange rate peg: Free floating (1994-present).
General Information
- ISO 4217 Code: MXN
- Symbols: MXN/$
- Currency Subunits: 100 centavos
- Central Bank: Bank of Mexico (Banco de México)
- Monetary Policy: Inflation targeting with 3% target (±1% tolerance band). Free-floating exchange rate with occasional interventions.
- Bills: 20 MXN, 50 MXN, 100 MXN, 200 MXN, 500 MXN, 1000 MXN
- Coins: 5 centavos, 10 centavos, 20 centavos, 50 centavos, 1 peso, 2 pesos, 5 pesos, 10 pesos, 20 pesos
- USD Exchange Rate: Variable (approximately 17-18 MXN per USD)
- Pegged To: None (Floating)
- Capital: Mexico City
- Population: 128,649,565 (2023 est.)
- Area: 1,964,375 km²
- Languages: Spanish (official), Indigenous languages (68 recognized)
- Time Zones: UTC-8 to UTC-5 (4 time zones)
- Government Type: Federal presidential republic
- Head of Government: President (head of state and government)
- Independence: September 16, 1810 (from Spain)
- Ethnic Groups: Mestizo 62%, Indigenous 21%, White 12.3%, Afromexican 1%, Other 3.7%
- Religions: Roman Catholic 78%, Protestant 11.2%, Other 2.5%, Unaffiliated 8.1%, Unspecified 0.2%
- Literacy Rate: 95.2% (2018 est.)
- Transport: Mexico City International Airport, extensive highway system, limited passenger rail, major Pacific and Gulf ports
- Communications: Good telecommunications, 72% internet penetration, widespread mobile coverage
- Energy: Natural gas 37%, Oil 31%, Hydroelectric 9%, Coal 8%, Nuclear 4%, Wind 7%, Solar 4%
- Countries Using This Currency: Mexico
- Data Sources: Central Bank: Bank of Mexico (banxico.org.mx), Economic Data: INEGI Mexico, World Bank, IMF, Trade Data: Mexico Customs (SAT), Demographic Data: INEGI Mexico, Geographic Data: CONAGUA Mexico, Historical Data: Bank of Mexico archives
- Last Updated: 2025