Mexico Economic Information
Central Bank: Bank of Mexico
Currency: Mexican peso (MXN or Mex$)
The 14th largest economy, Mexico has a free-market and export-oriented economy. For the last several years, Mexico experienced modest growth of about 3% per year. With the signing of the North American Free-Trade Agreement (NAFTA) in 1992, Mexico started shifting the economy from relying heavily on oil exports to exporting Mexican-built products to the U.S. Nearly 80% of Mexican exports go the U.S. NAFTA led to a tight alignment of the American and Mexican economies, which has helped reduce the range of currency fluctuations between the Mexican peso and U.S. dollar.
Key industries:
Food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables and tourism.
Agricultural products:
Corn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes, beef, poultry, dairy products and wood products.
Export commodities:
Manufactured goods, oil and oil products, silver, fruits, vegetables, coffee and cotton.
Import commodities:
Metalworking machines, steel mill products, agricultural machinery, electrical equipment, car parts for assembly, repair parts for motor vehicles, aircraft and aircraft parts.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 8/29/2010. These rates were not available to retail customers and were not the rates offered by EverBank. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Mexican peso:
Reasons to consider
- Output from the automobile sector has risen 30% between March and July.
- Retail sales increased following a large reduction during May.
- Consumer confidence indicators reached the highest in 2009 during July.
- Employment climbed for the second consecutive time in July with the creation of 34 thousand jobs.
Risk factors to consider
- As of 9/1/09, the Mexico peso was down -23.14% against the US dollar over the previous 12 months.
- Mexico's Central Bank has been lowering interest rates due to inflation.
- Inflation in 2008 was 6.53%, increasing at its fastest pace in 8 yrs and not expected to slow much in 2009.
- The Mexican economy has strong ties to the economic cycle of the U.S.,making it very sensitive to economic developments in the U.S.
How EverBank can help with your Mexican peso needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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