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Weekly Report - 25 February 2016 (WR-16-08)
MEXICO: Government stung into action
The Mexican government is battling to mitigate the impact of twin threats to the economy. With oil prices and the peso heading in the wrong direction, the finance minister, Luis Videgaray, and the president of the Banco de México (Banxico), Agustín Carstens, took two big decisions last week: cutting public spending substantially; and raising interest rates. President Enrique Peña Nieto, speaking on Televisa, said the measures were designed to guarantee stability in the face of international volatility. Mexico’s economic fundamentals remain solid but the concomitant fall in oil prices and the peso compelled his government to act again.
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