Similarities Between Spain And Mexico

The banking system in Mexico and Spain contain both similarities and differences that affect their countries in distinct matters. Although Spain and Mexico are culturally similar and speak the same language their economic system are distinct due to their location. The mission of both their banks is distinct because the goal in the Bank of Mexico is to help improve the lives of Mexicans meanwhile in the statement from the Bank of Spain they do not mention anything about helping their people live a better life. This may be due to the amount of tourism Spain receives year round affects the amount of money that is being circulated in its economy, this being said it increases the money supply of their bank. On the other hand, Mexico only experiences tourism a few months throughout the year and in well recognized areas that have not been affected by the cartels.
Prior Spain would use the peseta as their form of currency. The peseta was a subdivision of the peso, which would is comprehensible because of Mexico breaking out from the Spaniards and Mexico continuing to have the peso as their currency and not surrounding countries influence their banking system. A similarity that they have is that they both have fiat money and their bills are made from colored paper and the coin so if people were to take this to the centrals banks they would not be able to exchange it for value like gold. In 2013 and 2014 Spain started to circulate the €5 and €10 however Mexico in 2010 started to circulate the 500 peso which is odd because they introduced the 1000 peso two years prior. In Mexico and Spain they both posses a Board of Governors but have different positions. They both have one governor but once you reach the deputy governors Mexico has 4 appointed meanwhile Spain continues with one and has 6 council