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Latino Daily News

Thursday November 14, 2013

Foreign Reserves Drop by $150 Million in Mexico

Foreign Reserves Drop by $150 Million in Mexico

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Mexico’s foreign reserves dropped by $150 million last week to $173.90 billion, the Bank of Mexico said.

Foreign reserves grew by $10.39 billion from Dec. 31, 2012, to Nov. 8, the central bank said in a statement.

The decline in reserves last week was caused by a change in the value of foreign assets held by the central bank, monetary officials said.

The money supply contracted by 2.05 billion pesos (about $155 million) to 783.53 billion pesos (some $59.49 billion) last week but is up 6.1 percent from a year earlier, the Bank of Mexico said.

The low money supply growth rate is temporary and “is a reflection in part of the deceleration in economic activity,” the central bank said.

The money supply contracted by 62.49 billion pesos (about $4.75 billion) from Jan. 1 to Nov. 8, the central bank said.

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