| | |  Business News | December 2008 
Mexico Sells Off Foreign Reserves to Help Peso
 Associated Press
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Mexico City – Mexico's central bank has sold off $400 million in foreign reserves to stabilize the peso as it continues to weaken against the U.S. dollar.
Mexico's currency has fallen more than 30 percent against the dollar since Aug. 1. The bank began auctioning dollars Oct. 8 to boost the peso. It has since sold off $14.8 billion.
The peso has stayed the same since Monday's auction, trading at 13.6.
Bank analysts expects the peso will settle around 12.7 for all of 2009.
Annual inflation is expected to climb to 6.3 percent in 2008. Levels hit a seven-year high of 6.2 percent in the first two weeks of November.
The bank projects the economy will grow 1.8 percent for the year, down from 1.96 percent last month. |
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