Mexican Peso Hits Record Low for Third Time in 2017 Nancy Caouette - Anadolu Agency
go to original January 11, 2017

Monica de Bolle says Donald Trump’s election is already hurting Mexico’s economy and adds that it could push the country’s politics in a leftist, protectionist direction. (Peterson Institute)

Upadate: Mexico Peso Hits Historic Low of 22 to the Dollar as Trump Speaks (Reuters)

The peso plummeted Tuesday to a new record low as concerns mount about the possible effects the policies of U.S. President-elect Donald Trump might have on Mexico.

The county’s central bank reported that the peso dipped more than 1.6 percent to 21.73 per dollar, marking already the third record low for the year.

At one bank in Mexico City the dollar was sold at 22 pesos, an increase of $0.35 from the previous day.

Jose Angel Gurria, the secretary general for the Organization for Economic Co-operation and Development (OCDE) said the depreciation is “almost inevitable” as long as uncertainty remains about Trump’s polices.

He said the central bank’s decisions to raise interest rates five times in 2016 and to sell $2 billion in reserves last week helped contain the fall of the Mexican currency.

"The actions of Mexico has been responsible and responsive," he said at a news conference.

Read the rest at Anadolu Agency

Related: Goldman Sachs Defies Mexican Peso Bears, Forecasts 13% Rally (Bloomberg)

Related: Investors Flee Mexican Financial Markets as Peso Plunges (PanAm Post)

Related: How to Save the Peso: Acquire Twitter and Close the Service (Benzinga)

Related: Mexico Needs New Peso-Saving Tools as Dollar Sales Sap Reserves (Bloomberg)

Photo: Reuters

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