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Latino Daily News

Tuesday January 11, 2011

Mexico Approved for Largest Credit Line in History of IMF - $72 Billion

Mexico Approved for Largest Credit Line in History of IMF - $72 Billion

Photo: Mexican currency

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The largest credit line ever issued in the history of the International Monetary Fund (IMF) was issued for $72 billion for Mexico.

The Mexican peso market immediately reacted today by rising steadily.  The Mexican peso, according to Bloomberg, is the best performing currency amongst the 16 it tracks. 

The flexible two-year credit line was approved yesterday and replaces the $48 billion line of credit that expired in April 2010.  This is seen as a vote of confidence and reflects Mexico’s solid financial market fundamentals.

Last year the Mexican economy grew 5.1 percent and thus far is on track to grow another 3.7 percent this year.