Mexico's foreign reserves dropped by $137 million last week to $179.7 billion, the Bank of Mexico said.

Gold and foreign currency reserves fell in the week ending Feb. 21 mainly due to a drop in the value of the central bank's assets.

Reserves have grown by $3.18 billion since Jan. 1, the Bank of Mexico said in a statement.

The M1 money supply, which includes currency, coins and demand deposits, contracted by 14.83 billion pesos (about $1.12 billion) to 851.75 billion pesos (some $64.28 billion) last week, the central bank said.

The money supply has contracted by 66.12 billion pesos ($4.9 billion) since Jan. 1. EFE