The devaluation of the peso wasn’t accelerated.
Rumors had been rife that, after Mexico’s state and congressional elections Sunday, the government would speed up the sliding value of the peso. Instead, the government affirmed that the peso will continue to slide at the same daily rate of 21 centavos against the dollar for commercial transactions. There are 100 centavos in each peso. The announcement referred only to the controlled rate, used for business transactions involving dollars.
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