Mexico's president vows to press ahead with changes to Constitution despite market nervousness

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Mexico’s president pledged to press ahead with judicial reforms that have made investors nervous, and suggested remittances would shore up the country's economy

Mexico’s president pledged to press ahead with judicial reforms that have made investors nervous, and suggested remittances would shore up the country’s economy. President Andrés Manuel López Obrador discounted the 7% drop in the value of the peso against the U.S. dollar in the week following Sunday’s elections and claimed Mexico's economy was sound. He predicted this year Mexico would see a record $65 billion in remittances, the money sent home by migrants working abroad.

Mexico also continues to struggle with persistently high inflation of nearly 5%, despite high domestic interest rates of 11%. Those high returns on government securities had also tended to shore up the value of the Mexican peso over the last year.

 

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