MEXICO CITY.— This Friday, during his usual morning press conference, the president of Mexico, Andres Manuel Lopez Obradorassured that his Government is the only one that has not the peso has been devalued in 50 yearsdespite the depreciation that this currency has experienced in the last two weeks.
“Now that there is this financial instability, we must simply keep in mind that since 1970, for more than 50 years, more than half a century, all governments have devalued the peso,” said the president.
The federal president thus referred to the volatile behavior of the peso since the last elections on June 2, where the Morena candidate, Claudia Sheinbaum, won the presidential election.
Depreciation of the Mexican peso
After Sheinbaum’s victory, it has been depreciated the peso-dollar exchange rate and the stock markets have fallen, especially due to the imminent approval of the reform of the judiciary.
This reform is the initiative of the current government that is causing the greatest nervousness in the markets, because it would allow for the popular vote to elect judges, electoral magistrates and the Supreme Court, which might lead to partisan profiles.
However, López Obrador said that, for the first time in more than five decades, the price, far from being devalued, has appreciated.
“And for the first time, even as the situation is, it turns out that (the peso) has appreciated 8%, not only has it not been devalued, but it has appreciated 8%,” he emphasized.
He said that the currency was devalued since the six-year term of President Luis Echeverría (1970-1976) and continued its trend until the mandate of Enrique Peña Nieto (2012-2018).
López Obrador pointed out that there are sectors of the population that are very uninformed, so his government will dedicate itself in the coming weeks to informing them since the opposition bloc, according to him, does not talk regarding this.
“This is not in the conversation, nor is there anything to do with the fact that the economy is doing well, that there are jobs, that salaries are good, that people are happy, no, that is not in the conversation,” he stressed.
He criticized that what his opponents are talking regarding is that the country is being destroyed, “that we are I don’t know what other country, that there is a dictatorship, they even went so far as to say ‘yes there is democracy, but not that much democracy’,” he emphasized.
On Wednesday, the peso depreciated 1.46% once morest the dollar, trading at 18.75 units per greenback; however, on Thursday it appreciated 1.5%, trading at 18.47 units per dollar, according to data from the Bank of Mexico.
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2024-07-07 20:52:17
