Mexico Gets $17 Billion Windfall on Trump-Driven Peso Drop
- Transfer from exchange-rate gains highest on record: Banxico
- Gains derived from last year’s dollar-denominated reserves
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Mexico’s Finance Ministry got a 321.7 billion peso ($17.1 billion) windfall from the central bank after Donald Trump triggered a plunge in the peso last year, boosting foreign currency reserves.
The surplus, announced on Banxico’s website on Wednesday, is almost $4 billion more than last year’s and is a record, according to spokesman Ricardo Medina. The Finance Ministry said it will use at least 70 percent of the funds to reduce its debt burden, with the rest going to the budget stabilization fund or to strengthen the government’s financial position.