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Latino Daily News

Wednesday December 4, 2013

Mexico’s Foreign Reserves Rise by $270 Million

Mexico’s Foreign Reserves Rise by $270 Million

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Mexico’s foreign reserves rose by $270 million last week to $176.15 billion, the Bank of Mexico said Tuesday.

The rise in reserves was caused by a sale of dollars by state-owned oil giant Petroleos Mexicanos, or Pemex, to the central bank, with the transaction totaling $300 million, while a decline of $30 million in the value of foreign assets held by the central bank was also registered during the week, monetary officials said.

Foreign reserves grew by $12.63 billion from Jan. 1 to Nov. 29, the central bank said in a statement.

The money supply expanded by 23.44 billion pesos (about $1.77 billion) to 821.53 billion pesos (some $62.33 billion) last week, an annualized growth rate of 9.4 percent, the Bank of Mexico said.

The money supply contracted by 24.48 billion pesos (about $1.85 billion) from Jan. 1 to Nov. 29, the central bank said.

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