Mexico learns to stick with flexible peso

  • Business
  • Monday, 18 Mar 2013

PANAMA CITY: Mexico is committed to maintaining its freely floating exchange rate and is not currently contemplating any new mechanism to slow strong gains in the peso, deputy finance minister Fernando Aportela said.

The peso hit a 18-month high against the dollar last week, boosted by growing confidence in a reform drive by the new government and potential credit-rating upgrades, sparking speculation that authorities could take measures to slow the currency's advance.

Aportela said Mexico's currency commission, made up of members of the central bank and the finance ministry, had not discussed any new measures to try and slow the peso's advance.

“Mexico has learned that the sound macroeconomic policy of having a well-administered flexible exchange rate pays off in the end,” Aportela said at an Inter-American Development Bank meeting in Panama City. - Reuters

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