Mexican Government Auctions Off $351 million
Published December 16th, 2008
Mexico’s central bank has auctioned off $351 million in dollar reserves to stop a decline of the peso. The central bank sold the dollars at 13.47 pesos. The peso opened Monday at 13.50 to the dollar, but strengthened and was trading at 13.30 after the auction.
The Bank of Mexico started dollar auctions in October after the peso sank to a historic low of 14 to the dollar.
