Mexico's foreign reserves fell by $54 million last week to $180.8 billion, the Bank of Mexico said.

Gold and foreign currency reserves decreased in the week ending March 7 mainly due to a drop in asset values.

Reserves have grown by $4.28 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 8.42 billion pesos (about $637 million) to 855.96 billion pesos (some $64.74 billion) last week, the central bank said.

The money supply has contracted by 61.91 billion pesos ($4.68 billion) since Jan. 1. EFE