Inflation ( CCPI)35.3% (April 2023)
GDP-12.4% (4Q 2022)
Unemployment4.8% (4Q 2022)
3M T-Bill Rate25.60%
12M T-Bill Rate22.97%
2Y T-Bond Rate29.25%/ 30.00%
4Y T-Bond Rate27.25% / 27.35%
Reserves $2.75Bn (April 2023)
Cum. Trade Deficit $862Mn (March 2023)
Cum. Fiscal DeficitLKR 2,300 Bn (Dec 2022)

History of debt defaults: The Mexican Peso Crisis and Debt Default in 1994

InternationalApr 12, 2022
History of debt defaults: The Mexican Peso Crisis and Debt Default in 1994
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On December 20, 1994, the government of Mexico announced the devaluation of its currency, surprising financial markets and precipitating the so-called Mexican peso crisis. Mexican current account deficit rose to about 8% of the GDP, s international reserves declined about two thirds. December 20 failed to stabilize peso financial markets; two days later, the Mexican authorities were forced to allow the peso to float freely, and its external value plummeted. On February, IMF approved an 18-month stand-by credit for Mexico of up to the USD 17.8 Bn in support of the Government's 1995-96 economic and financial program. It was 300% of Mexico's IMF quota.


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