What is the Mexican monetary system based on?

The Mexican monetary system is based on the Mexican peso (MXN), which is the official currency of Mexico. The peso is subdivided into 100 centavos and is regulated by the Bank of Mexico (Banco de México), the country's central bank. The monetary policy aims to maintain price stability, control inflation, and foster a stable financial environment. The system operates within a framework that allows for both Fiat currency and a managed exchange rate against other currencies.