2024-08-06 20:17:43
Analyst David Páramo reacted to movements in international markets that caused the “Black Monday” and they left their fingerprint in it Mexican peso due to the shock in the price of the dollar.
In his section in Ciro Gómez Leyva’s newscast on Imagen Televisión, David Paramo god one forceful response regarding the fall of the Mexican peso against the dollar.
Here is David Páramo’s forceful response.
What did David Páramo say?
He Mexican peso closed last night between 19.25 units against the dollar, but the falls of the National currency They are part of the dynamics of the markets, just as “Black Monday” was.
David Paramo He assured that these changes of have been registered for at least 30 years because in Mexico you have a free exchange rate regimewhich was allowed in 1994 during the six-year term of Carlos Salinas de Gortari.
With these decisions in 1995 the Bank of Mexico became autonomous and the exchange rate became freetherefore since then the Mexican currency has not been able to be devalued.
The financial analyst explained that neither former President Ernesto Zedillo, nor Vicente Fox, Felipe Calderón, Enrique Pela Nieto nor President Andrés Manuel López Obrador (AMLO) have been able to devalue the peso.
“We have had a free exchange rate regime for 30 years (which they owe to whom) to the neoliberals. For example, today the president said, ‘I did not devalue as he said, and of those who said the only one who devalued, the only one who devalued was Carlos Salinas de Gortari.
In 1994 it was decided that we were going to make the new Bank of Mexico autonomous and that from 1995 the exchange rate would be free.
So neither Zedillo, nor Fox, Calderón, Peña Nieto, nor López Obrador have devalued because they cannot. They cannot do it.
David Páramo, financial analyst
What was “Black Monday” and what consequences did it have for Mexico?
The fear of a US recessionlos poor results of some big tech companies and the effects of the Interest rate hike in Japan They dragged the “Black Monday” to stock exchanges around the world, from Asia a Wall Streetwhich had its worst day in two years.
He nervousness of the markets broke out on Thursday after the publication employment data and industrial activity in USA worse than expected, and intensified on Friday as the US labor market became clearer.
This factor is one of rate hike in Japanwhich led investors who had borrowed in yen to invest in other more profitable assets (‘carry trade’) to sell them to settle their debt.
Meanwhile, the Mexican Stock Exchange (BMV) recorded a loss of 0.89% in its main indicatorto be located in 51,776.48 units.
The loss of the 0.89% in the Price and Quotation Index (CPI) means in Mexico down in 10 of the last 11 sessions and a closure in its lowest level since November 13, 2023, when it reached 51,090.91 units.
Aspects of banknotes and coins of different denominations (Crisanta Espinosa Aguilar / Crisanta Espinosa Aguilar)
2024-08-06 20:17:43