Mexico is famous for its magnificent resorts, many attractions and one of the oldest monetary units in the world. This country attracts many tourists from all over the globe. Going to Mexico, it will not be superfluous to first learn about the local currency - the Mexican peso.
Mexican Peso History
The history of the Mexican peso dates back to the 15th century, when silver coins first appeared on the territory of today's Mexico. However, after conquering territories in the New World, Spain introduced the common currency here - the real. This currency was the main payment instrument in Mexico until 1821, when the state gained independence. After gaining sovereignty, the Mexican peso also returned to circulation. Since 1825, the National Bank of Mexico, created in the same year, was engaged in the issue of pesos.
It will be useful to say that the first banknotes of the Mexican peso appeared a little earlier, namely in 1813. Then they began to print banknotes on cardboard, which was caused by a shortage of silver among the colonizers of the Mexican territories.
"Golden fever"
By the beginning of the 20th century, Mexico had become one of the centers of gold mining. Backed by the impressive reserves of this precious metal, the Mexican peso occupies a major place in Latin America and plays the role of the currency of various states in the region.
It should be noted that even the First World War did not inflict any significant damage to the course of the Mexican peso, which showed enviable stability until 1970. The Golden Pesos were put into circulation in 1904. They replaced silver coins and remained a legal payment instrument until 1931, after which they were abolished. The legislative act of July of that year abolished the circulation of golden pesos and introduced paper bills. This decision met resistance from Mexican citizens. They believed that using paper money was inconvenient. In addition, unlike gold coins, peso banknotes could not be exchanged for gold.
The oil crisis in the last quarter of the 20th century hit Mexico's economy painfully, and the state government was forced to default. The course of the Mexican peso did not remain aloof from these events. Inflation processes developed so rapidly that the National Bank simply did not have time to print new money. The Mexican peso was only stabilized in 1993 thanks to the denomination of the national currency. New monetary units were exchanged for old-style signs in the ratio of 1 to 1000.
Mexican currency these days. Tourist info
Tourists and travelers should keep in mind that at the territory of airports, hotels, resorts, large shopping centers and other infrastructure facilities, you can use plastic cards of the main world payment systems. Mexico is not just a large country. This state is part of the G20. Here, the development of technology is at a high level. But at the same time, one should not forget that it is always necessary to have cash with you. For example, to buy souvenirs in the market or in a small private store.
Most Mexican bank branches operate exclusively on weekdays from 9:00 to 18:00. True, in the resort areas of the country there are institutions in which it is possible to cash out or exchange money until midnight. In addition, you can purchase the desired currency at the exchange offices, which are labeled casas de cambio.
Mexican Peso Banknotes
Many guests visiting Mexico encounter one curious feature. The fact is that the National Bank of this country issues two peso banknotes. Images of various prominent personalities who glorified Mexico are printed on paper bills.
For example, General Ignacio Zaragoza is depicted on 500 pesos of the D series, and the artist Diego Rivera is shown on the banknote of the same denomination in the F series . To date, the Mexican peso in denominations of ten, twenty, fifty, one hundred, five hundred and one thousand takes part in the turnover. In addition, coins of five, ten, twenty and fifty centavos (change money) are used.
Mexican Peso Course
The most favorable quotes for tourists at airports. Therefore, it is advisable to stock up on the necessary amount of cash pesos in advance if the plans include rest in a small remote settlement. It should be noted that in Mexico, American dollars are accepted as a payment instrument almost everywhere. True, the conversion conditions are not very favorable. Currently, the Mexican peso against the US dollar is trading at a rate of 20.89 to 1.
In conclusion, it must be emphasized that in Mexico almost all goods and services are subject to VAT at a rate of 15%. This also applies to paying for cellular communications or renting premises for living. Therefore, one should not be surprised at the difference between the real value of goods and services and declared on the price tags. The Mexican peso to the ruble is trading at the rate of 1 to 0.35.