The Mexican Peso, abbreviated MXN, is the currency of Mexico. The Mexican peso is made up of 100 centavos and is often presented with the symbol $ or Mex$. The name peso comes from the Mexican word “pesos”, which means “weights”, and refers to gold or silver weights. The 1970s oil crisis caused Mexico to default on its external debt, which led to a period of hyperinflation and currency devaluation in the 1980s. The government of Mexico created a new peso in 1993 to replace the original peso. The new peso was exchanged with the old peso at a rate of 1:1000.

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