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Francisco Gil Diaz |
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Not long ago, it looked as if the Mexican peso was becoming the new Swiss franc. Backed by huge capital inflows and underpinned by a fast-growing economy, the currency could do no wrong.
In 2001, the peso was one of just five currencies in the world to appreciate against the US dollar, outperforming in this race upwards the Czech koruna, Polish zloty, Hungarian forint and Peruvian new sol. At the year-end, the Mexican currency had become the strongest in the world, making a total gain of almost 6% against the dollar.
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