When did they remove three zeros from the Mexican peso?

With the recent movements in the Mexican stock market, all kinds of speculation have been generated. On social networks, commercials for the old pesos and the change to the “new Mexican pesos” begin to circulate.

When did the weight change?

The Mexican peso underwent the elimination of three zeros in 1993, following a decades-long escalation in inflation that reached 3,710%, which had considerably devalued the value of the peso. During the Government of Salinas de Gortarí, a new monetary policy was established in which three zeros were eliminated from the peso, where 10,000 pesos became 10 new pesos.

The new peso (N$) was initially referred to as “nuevo peso” and was renamed simply “peso” in 1996, dropping the “nuevo” prefix. This measure facilitated transactions and simplified the country’s accounting and finances.

This is how the new pesos were announced

Inflation raised costs to thousands of pesos

Inflation had raised the costs of things. For example, in this Ferretodo advertisement from 1992, published in El Siglo de Torreon, the apartments cost up to 22 thousand pesos per square meter.

What was people’s reaction?

As expected, the reaction to the change generated confusion, as Enríquez represented in his cartoon of January 1, 1993.