DEFINITION of 'MXN (Mexican Peso)'

The currency abbreviation for the Mexican peso (MXN), the currency for 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.

BREAKING DOWN 'MXN (Mexican Peso)'

Following a period of hyperinflation and currency devaluation in the 1980s that occurred after Mexico defaulted on it external debt as a result of the 1970s oil crisis, the government of Mexico created a new peso, or "nuevo peso", to replace the original peso in 1993. The new peso replaced the old peso at a rate of 1:1000.

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