Mexico's foreign reserves rose by $1.15 billion last week to $180.85 billion, the Bank of Mexico said.

Gold and foreign currency reserves increased in the week ending Feb. 28 mainly due to the sale of $1 billion by state-owned oil giant Petroleos Mexicanos, or Pemex, to the Bank of Mexico.

Reserves have grown by $4.33 billion since Jan. 1, the Bank of Mexico said in a statement.

The M1 money supply, which includes currency, coins and demand deposits, expanded by 12.63 billion pesos (about $953 million) to 864.38 billion pesos (some $65.18 billion) last week, the central bank said.

The money supply has contracted by 53.49 billion pesos ($4.03 billion) since Jan. 1. EFE