GBP to MXN Exchange Rate
Ah, Mexico: Home of corn, chilies, chocolate and the largest pyramid on the planet. Olé, olé, olé!
What influences the GBP/MXN exchange rate?
The Foreign Exchange Commission consists of officials from the Bank of Mexico and the Ministry of Finance, and it’s responsible for the foreign exchange policy of the country. In 1994, it was determined that market forces would establish the exchange rate of the Mexican peso, so the nation follows a floating exchange rate/free float regime.2
Like the MXN, which has decreased in value as a result of President Trump’s policy ideas regarding trade with Mexico, the GBP has taken a hit since the Brexit vote of 2016. Continued uncertainty regarding the UK’s future trade with Europe is still adversely affecting GBP’s value.3 Rising inflation is also a cause for GBP’s decline in relation to other currencies.4
The largest threat to the economy of Mexico is the trade changes that have been proposed by Trump, and the slumping peso has already stimulated higher costs of living for Mexicans.
The USD/MXN exchange rate will depend on how much of Trump’s vision is bluster and how much comes to fruition.
“Between 2013 and 2014, UK exports of goods and services to Mexico increased to £1.1 billion.” – UK Department for International Trade5
Some of the large UK businesses that operate throughout Mexico include GlaxoSmithKline, the Intercontinental Hotel Group, AstraZeneca, and HSBC.5
Top UK exports to Mexico include road vehicles, beverages, organic chemicals, essential oils and perfume materials, power generating equipment and machinery, pharmaceutical and medicinal products, pension and insurance services, and scientific and industrial machinery.5
In 2015, Mexico was ranked 15th in GDP, while the United Kingdom ranked 5th.6 In 2014, Mexico was the 12th largest exporter and the 14th largest importer in the world, while the United Kingdom was the 9th biggest exporter and 5th biggest importer.7,8
Mexico’s top exports include cars, delivery trucks, vehicle parts, computers, and crude petroleum.7
Whether you’re planning on getting married in Mexico or sending money back home to friends and family, OFX can help you save on your international money transfers. Lock in a great rate for up to 12 months, so you’re not caught at the mercy of currency volatility.
Currency Name: Mexican Peso
Currency Code: MXN
Currency Symbol: $, Mex$
Central Bank: Bank of Mexico
Countries Used In: Mexico
Major Unit: One Peso
Minor Unit: One Centavo
Note Denominations: $20, $50, $100, $200, $500, $1000
Coin Denominations: 5¢, 10¢, 20¢, 50¢. $1, $2, $5, $10, $20
MXN to GBP exchange rate analysis. Check out our daily market analysis to learn the factors influencing the MXN to GBP exchange rate today.
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