MEXICO CITY, Jan. 27 (Chinese media) -- The Central Bank of Mexico (Banxico) on Tuesday sold 322 million U.S. dollars to stop the depreciation of the peso.
On Tuesday, the selling price of the U.S. dollar was 14.55 pesos and the buying price 14 pesos, almost 26 cents more than on Monday.
Banxico said it had offered 400 million U.S. dollars, 322 million of which was sold at 14.21 pesos.
The bank has released some 18 billion dollars to the exchange market since October 2008 in attempt to boost the sluggish peso.
The government also announced on Tuesday the country's economy will enter into recession this year, with a growth rate of 0.5 to 1.5 percent. Meanwhile, the inflation rate is expected to reach 4 percent.
Some 160,000 to 340,000 jobs could be lost by the end of this year, Banxico governor Guillermo Ortiz said.
The United Nations Economic Commission for Latin America has predicted Mexico will end this year with a low economic growth rate of 0.5 percent amid a worldwide deceleration in growth.
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