Mexico’s Foreign Reserves Rise by $270 Million.
MEXICO CITY – 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 (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.