LatinNews Daily - 24 March 2020

* The Mexican peso has sunk to another record low against the US dollar, closing the day at M$25.359/US$1 on 23 March. The Mexican currency is continuing to depreciate daily amid concerns that the government led by President Andrés Manuel López Obrador is not taking adequate measures to bolster the domestic economy in the face of a global recession caused by the coronavirus (Covid-19) pandemic. Gabriela Siller, the director of economic and financial analysis at Mexico’s Banco Base, has said that the fact “that an expansive fiscal policy is not yet being applied in Mexico raises fears that its economy may collapse this year”. President López Obrador has said that his government is preparing an economic plan, but that it won’t involve requesting credit from international institutions such as the International Monetary Fund (IMF).

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