Mexican Peso_flag

Mexican Peso

The Mexican Peso is the official currency of Mexico. Its currency code is MXN, and its symbol is $. The Bank of Mexico, known as Banco de México, is the country's central bank, responsible for issuing and regulating the Mexican Peso.



Exchange rate regime:Floating

Did you know?

Mexico's Monetary Policy


The main objective of Mexico's monetary policy, as implemented by the Bank of Mexico, is to maintain a low and stable inflation rate. The bank pursues an inflation target, currently at 3% (+/- 1 percentage point), to provide stability to the economy and maintain the purchasing power of the currency.


The Bank of Mexico uses several tools to manage inflation, primarily adjusting the target for the overnight interbank interest rate. It also uses open market operations to regulate the amount of money in circulation.


The Mexican Peso is divided into 100 centavos. Coins come in denominations of 5, 10, 20, and 50 centavos, and 1, 2, 5, 10, 20, and 50 pesos. Banknotes are issued in denominations of 20, 50, 100, 200, 500, and 1000 pesos.


Mexican Peso banknotes and coins feature a variety of designs, including images of historical figures, symbols of Mexican heritage, and native wildlife. For example, the 500-peso note showcases the paintings of Diego Rivera and Frida Kahlo, two of Mexico's most famous artists.


Financial experts regard the Mexican Peso as an emerging market currency. While it has been known to be volatile, given its sensitivity to economic indicators and geopolitical events, the Mexican economy's underlying strengths support the currency's value over time.


However, like all currencies, the Peso can be influenced by various factors, including oil prices (as Mexico is a significant oil exporter), interest rates, and the health of the U.S. economy, given the close economic ties between the two countries.


The Bank of Mexico is responsible for the regulation of the Mexican Peso. It controls the issuance of new notes and coins, sets monetary policy, and oversees the country's financial system to ensure its stability.

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Important information

Payments in MXN to Mexico

Key considerations to bear in mind


Payment instructions should contain the beneficiary's IBAN, name, and address.


Payment Processing Time

The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Mexico are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.


Fees and Charges

Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.

Keep in mind

Bank holidays



New Year's Day



Labour Day



Independence Day



Our Lady of Guadalupe



Christmas Day

Constitution Day

First Monday in February

Benito Juárez's birthday

Third Monday in March

Revolution Day

Third Monday in November

Good Friday


Easter Sunday



Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts.

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