Mexico's foreign reserves at record level

Mexico's foreign reserves climbed US$358 million (euro281 million) last week to a record US$79.10 billion (euro62 billion), the Bank of Mexico reported Tuesday 11 July.

The central bank said reserves as of July 7 were up US$10.5 billion (euro8.2 billion) from the end of 2005.

Record earnings by state oil monopoly Petroleos Mexicanos, or Pemex, have boosted Mexico's reserves because the central bank exchanges dollars for the company.

Last month the Finance Ministry announced plans to buy US$7 bil

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