Mexico City: Mexican President Andres Manuel Lopez Obrador dismissed criticism by some global financial firms of his administration’s proposed judicial reforms, saying their warnings of impending risk to the economy were “pure lies.”
At his daily press conference on Thursday, Lopez Obrador said the firms were involved in “politicking” when they attributed a recent slide in the Mexican peso to the proposed constitutional amendments, which Congress is set to debate soon.
The reason behind the peso’s slide is not internal but rather a “global adjustment,” especially due to the economy and finances of the United States, reports Xinhua news agency, quoting the Mexican President.
In recent days, several global investment banks and rating agencies have warned of potential risks from the judicial reforms, which, among other things, propose that ministers of the Supreme Court be voted into office.
Mexico’s peso entered a period of volatility against the US dollar following its presidential elections on June 2, though other factors also came into play, including global investors’ concerns about the direction of the US economy and Japan’s monetary policy, according to experts.
–IANS
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