MEXICO CITY — The government today sharply devalued the national currency by 22% to 2,200 pesos to the dollar as part of a series of measures designed to shore up the weak economy.
The Bank of Mexico, the nation's central bank, issued a one-paragraph statement announcing the change in the currency.
"As part of a cooperative program between the government and the workers, campesino and business sectors . . . the controlled exchange rate has been increased today to 2,200 pesos to the dollar," the statement said.
The central bank said the devaluation represents a 22% weakening of the currency, which on Friday was trading at about 1,800 pesos to the dollar.
The value of the peso in free-market trading plummeted nearly 46% last month after the Bank of Mexico decided to stop providing dollars to support the currency.