Mexico’s Foreign Reserves Rise by $503 Million

 laht.com

MEXICO CITY – Mexico’s foreign reserves rose by $503 million last week to $184.01 billion, the Bank of Mexico said.

Gold and foreign currency reserves grew in the week ending April 25 due to the sale of $500 million by the federal government to the Bank of Mexico and an increase of $3 million in the value of foreign assets held by the central bank.

Reserves have grown by $7.49 billion since Jan. 1, the Bank of Mexico said in a statement.

The M1 money supply, which includes currency, coins and demand deposits, contracted by 36.80 billion pesos (about $2.8 billion) to 860.77 billion pesos (some $65.51 billion) last week, the central bank said.

The money supply has contracted by 57.11 billion pesos ($4.35 billion) since Jan. 1.