The exchange rate immediately depreciated to the top of the band. Despite the fact that the previous day the Mexican president Ernesto Zedillo affirmed the government's commitment to the new exchange band, early on the morming on December 22 the government let the peso float. The conference is canceled at the last moment. Investors continue to complain about the government's failure to provide information about its plans to address the crisis. The peso continues to depreciate.
Prices begin to rise and labor leaders push for wage renegotiations.