- Title: Mexico's president says economy sound as peso plunges
- Date: 9th March 2020
- Summary: (SOUNDBITE) (Spanish) MEXICAN ECONOMIC ANALYST, ROBERTO AGUILAR, SAYING: "Well, I'm not so sure (about the state of the economy) because we're in an economy that's sick and today would be like a virus that's affecting it, because we didn't grow last year, and in fact the economy this year has fallen, the outlook is less and less favorable. And what's happening is that public finances have had to make use of funds that are for an emergency, and today we have an emergency called the coronavirus or an emergency called the fall (in price) of oil, and we simply won't have the resources to be able to sustain it." HANDS COUNTING U.S. DOLLARS VARIOUS, PESO EXCHANGE RATES SEEN IN WINDOW OF EXCHANGE HOUSE EXTERIOR OF EXCHANGE HOUSE
- Keywords: Mexican President Andres Manuel Lopez Obrador Mexico economy finance monetary money peso recession
- Reuters ID: LVA005C4C0F2F
- Location: MEXICO CITY, MEXICO
- City: MEXICO CITY, MEXICO
- Country: Mexico
- Duration: 00:00:46
- Aspect Ratio: 16:9
- Topics: Government/Politics
- Story Text:Mexican President Andres Manuel Lopez Obrador said on Monday (March 09, 2020) that the country would bounce back from a sharp drop in the peso currency at the weekend and that public finances are in good health.
Speaking at a morning news conference, Lopez Obrador said, "there is a fall in oil prices which is affecting us, which has depressed the peso. But, we think that we're going to recover because I'm optimistic, first off, because we have sound public finances."
The peso fell as much as 8% overnight due to a sharp decline in global oil prices, before trimming some losses on Monday morning to trade about 5.5% down since Friday's (March 06) close.
Mexico's main stock market index fell more than 5% early on Monday.
(Production: Josue Gonzalez, Carlos Carrillo)
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- Embargoed:23rd March 2020 16:07
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