Bank of Mexico's reserves down due on dollar sales

• Source: Xinhua
• [11:13 July 09 2009]
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Mexico's central bank said on Tuesday that its international reserves had fallen by 256 million US dollars to 74.1 billion dollars last week due to a 250-million-dollar auction to private banks.

The reserves dropped some 11.3 billion dollars from the beginning of the year following a 11.8-billion-dollar sale to local financial institutions.

State owned oil companies have sold nearly 4 billion dollars to the bank in exchange for pesos, but most of which has been wiped out by other deals.

The central bank started dollar auctions in October after a sharp decline in the peso against the dollar.