Mexico's foreign reserves rose by $2.39 billion last week to $179.57 billion, the Bank of Mexico said.

Gold and foreign currency reserves grew in the week ending Jan. 31 mainly due to the sale of $2.35 billion by state-owned oil giant Petroleos Mexicanos, or Pemex, to the central bank.

Reserves have grown by $3.04 billion since Jan. 1, the Bank of Mexico said in a statement.

The money supply expanded by 14.67 billion pesos (about $1.1 billion) to 896.14 billion pesos (some $67.17 billion) last week, the central bank said.

The money supply, however, has contracted by 48.73 billion pesos ($3.65 billion) since Jan. 1. EFE