The 1995 currency crisis and the control of inflation In the early months of 1995 the Mexican crisis and the weakening of the US dollar prompted substantial and sudden shifts of funds, out of the weaker currencies into those considered to be stronger.
In addition to the US dollar, the Canadian dollar, the pound sterling, the Swedish krona and the Spanish peseta also weakened considerably. The lira was hit hard: between mid-February and mid-March it depreciated by 15 per cent.