MEXICO CITY, Mar 10 (NNN-PRENSA LATINA) – Mexico’s economy is strong enough to withstand the global drop in oil prices, and subsequent devaluation of the national currency, President Andres Manuel Lopez Obrador, said, on Monday.
Oil prices and stock markets plunged early in the day, amid fears of the COVID-19, and “yes it impacted us,” Lopez Obrador told reporters.
“But we think we are going to recover because … we have sound public finances, we have good reserves and we don’t have a deficit in our tax collection,” said the president, adding, “we have good signs in terms of economic growth.”
International markets were buffeted by a possible oil price war and economic slowdown, due to the spreading COVID-19.
The Mexican peso hit a low of 22.13 to the U.S. dollar on the foreign exchange market, marking a 10-percent slide in a single day, its worst showing since Oct, 2008, according to Banco Base investment.
Mexico’s Stock Exchange (BMV) dipped 5.38 percent on opening.
