Mexico's foreign reserves dropped by $75 million last week to $175.66 billion, the Bank of Mexico said in a statement.

Foreign reserves grew by $12.15 billion from Dec. 31, 2012, to Dec. 13, the central bank said Tuesday.

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

The money supply expanded by 39.90 billion pesos (about $3.07 billion) to 875.74 billion pesos (some $67.36 billion) last week, up 7.5 percent from a year earlier, the Bank of Mexico said.

The money supply expanded by 29.73 billion pesos (about $2.29 billion) from Jan. 1 to Dec. 13, the central bank said. EFE