Mexico can “resist a little more” in the face of the global instability presented today by the markets, said President Andrés Manuel López Obrador (AMLO).
When questioned about the fall in financial markets, the president blamed the phenomenon on rising unemployment in the United States, whose rate passed in the recent month from three to 4.3 percent.
In the case of the country, AMLO presented indicators that the national economy has accumulated during its six-year period, such as that the reserves of the Bank of Mexico reached a “record,” of 221 billion dollars and that the weight has been appreciated in these six years, for the first time in half a century.
This is what shows that our economic strategy has worked. Because if this weakened financial crisis grabs us it would affect us a lot,” he stressed.
The ruler showed that yesterday morning the US dollar opened the day at 19 pesos with 55 cents per unit.
When he was insisted on this international situation and panic in the markets of Asia, Europe and the United States, he assured that the national economy is strong in the face of any contingency.
We have a margin of protection, it doesn’t affect us so much because our finances are very strong. We can resist a little more for two reasons: the first, that there are sufficient reserves in the Bank of Mexico, and the other for the appreciation of the peso, contrary to what happened in the past eight six years.
He stressed that the fall in the weight due to financial instability was not very significant.
To support his words, he presented a sheet with the impact of this financial situation on coins from various nations.
According to the data, the Swiss franc is the currency now in the first place most appreciated in terms of the US dollar – surpassing the peso with 13.9 percent in favor; and our currency is the second, with 5.8 percent in favor.
However, the head of the Mexican Executive, the Canadian dollar and the euro fell 4.4 per cent and 3.7 per cent, respectively, the Japanese yen, 29 per cent; the Brazilian real, 44 per cent; and the Russian ruble, 77 per cent down.
Official figures indicate that in July only 114,000 new jobs were created in the northern neighbor, 35 percent less than expected.
This article has been translated after first appearing in El Pais