 MXN replaced MXP in 1993 at a rate of 1000 MXP per 1 MXN.The exchanged rate remained stable between 1998 and 2006, oscillating between 10.20 and 11=3.50 MXN per US$, recently the Mexican peso parity took a hit under president Enrique Peña Nieto, lost in a single year 19.87% of its value and is currently at $20.37 (2017).Interest rates in 2007 were situated at around 7 percent, having reached a historic low in 2002 below 5 percent.