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LatinNews Daily - 12 March 2020
In brief: Mexican peso suffers another sharp fall
* The Mexican peso traded at M$21.29/US$1 in international financial markets on 11 March, a 2.14% depreciation. The value of the peso had plummeted earlier this week amid the growing concerns over the impact on the global economy of the coronavirus (Covid-19) outbreak and the sharp fall in international oil prices following the breakdown of an agreement between the Organization of Petroleum Exporting Countries (Opec) and Russia over production levels. This prompted Mexico’s central bank (Banxico) to expand its foreign-exchange hedging programme to reduce volatility, which succeeded in temporarily stabilising the exchange rate. But the peso went on the slide once again after the World Health Organisation (WHO) declared the Covid-19 outbreak a pandemic and after US President Donald Trump announced the suspension of all travel between the US and European Schengen Area countries for 30 days as an emergency measure to try to reduce the spread of Covid-19.
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