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20 Mexico Peso
The Mexican Peso (symbol: $; code: MXN) is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 16th–19th-century Spanish dollar, most continuing to use its sign, “$”.
The name was first used in reference to pesos oro (gold weights) or pesos Plata (silver weights). The Spanish word peso means “weight”. Compare the British pound sterling. Other countries that use pesos are Argentina, Chile, Colombia, Cuba, Dominican Republic, the Philippines, and Uruguay.
First peso – While the United States divided their dollar into 100 cents early on from 1793, post-independence Mexico retained the peso of 8 reales until 1863 when the Second Mexican Empire under Emperor Maximillan commenced the minting of pesos divided into 100 centavos. Throughout most of the 20th century, the Mexican peso remained one of the more stable currencies in Latin America, since the economy did not experience periods of hyperinflation common to other countries in the region.
However, after the oil crisis of the late 1970s, Mexico defaulted on its external debt in 1982, and as a result the country suffered a severe case of capital flight, followed by several years of inflation and devaluation. The U.S. dollar leapt from MXP 12.50 to MXP 19.40 in 1976, and again from MXP 23 to MXP 150 in 1982, stabilizing only in the early 1990s at above 3,000 MXP/USD when a government economic strategy called the “Stability and Economic Growth Pact” (Pacto de estabilidad y crecimiento económico, PECE) was adopted under President Carlos Salinas.
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