The weight woke up this Monday with a depreciation against the dollar, now of 0.29%, which is equivalent to 7 cents, cotizándose between 25.07 and up to 26 pesos per dollar at windows bank.
With these figures, the exchange rate touched a new historic maximum of 25.7849 weights.
According to the Group’s Financial Basethis places the mexican peso as the second currency is more depreciated in the basket of major crossings, after the japanese yen”.
The financial group argues that this situation is due, mainly, to the fact that the federal government has implemented fiscal policies that help to maintain the stability of our currency against the pandemic by the COVID-19.
Read: Returns the nervousness of the financial markets: the dollar is sold up to 25.70 pesos
They warn that the government’s decision not to support companies with the deferment of taxes, and the lack of measures to prevent the loss of jobs, could result “in a massive loss of jobs and an extended slump in consumption”.
They insist that without fiscal policy, there is no way to avoid an economic blow by the COVID-19 and that under these conditions, in a pessimistic scenario, the fall in GDP could be up to 10%.
Fulfilled this, Mexico would have its worst decline since 1932, when GDP fell by 14%.
The financial group criticises the fact that, instead of announcing measures to improve the financial picture, president López Obrador to focus on projects such as the Refinery of Two Mouths, when it is probable that the debt of Pemex “to lose its investment grade in the coming months.”
Read: social Programs, and lower salaries to senior officials, plan of AMLO to crises; there will be no fiscal support to companies
Added to that, in this context, it is highly likely that the rating agencies “should continue to adjusted to the low the credit rating the values of government of Mexico”.
The fall of the peso against the u.s. dollar has been a constant in the last few days due to nervousness in the world financial markets caused by the number of infected COVID-19, which has already exceeded one million cases.
This Sunday, the president Andrés Manuel López Obrador presented a plan emerging economic recovery to tackle the crisis by COVID-19.
This plan is based on actions which in their majority were already underway as the social programs of direct delivery for older adults, young people and credits.
The chair clarified that there will be no fiscal support to businesses, and pledged to create 2 million new jobs in 9 months.
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