EFTA Document EFTA01379433

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Mexico After the MXN's large devaluation in the midst of the 1994 crisis, Mexican authorities switched from the currency's regime from a managed exchange rate to a free float. To retain some control over the Peso, representatives of Banxico and the Finance Ministry who comprise the Exchange Commission (EC) set several rule-based intervention schemes aimed at managing reserve accumulation and abating volatility. USD/MXN