Mexico's foreign reserves dropped by $208 million last week to $174.05 billion, the Bank of Mexico said.

Foreign reserves grew by $10.53 billion from Dec. 31, 2012, to Nov. 1, the central bank said in a statement.

The decline in reserves last week was caused by a change in the value of foreign assets held by the central bank, monetary officials said.

The money supply expanded by 18.88 billion pesos (about $1.45 billion) to 785.57 billion pesos (some $60.42 billion) last week, an annualized growth rate of 5.2 percent, the Bank of Mexico said.

The low money supply growth rate is temporary and "fundamentally reflects the deceleration in economic activity and an elevated base for comparison due to the electoral process last year," the central bank said.

The money supply contracted by 60.44 billion pesos (about $4.65 billion) from Jan. 1 to Nov. 1, the central bank said. EFE