On the night of December 19, 1994, Mexico decided to “elevar 15 por ciento el techo de la banda” (raise the ceiling of the band by 15 percent), according to the history of the Bank of Mexico. Expansión later wrote that the government “anunció primero una ampliación de 15% en la banda de flotación del peso” (first announced a 15 percent widening of the peso’s flotation band).
In his own account of the crisis, Carlos Salinas de Gortari wrote that Finance Secretary Jaime Serra Puche “procuró aclarar que se trataba de la apertura de la banda y no de una devaluación” (tried to make clear that this was the opening of the band and not a devaluation). According to El Financiero, the dollar rose from 3.46 pesos on December 19 to 5.60 pesos on December 27.