Markets, with strong reaction after election in EdomexBy Elliot Bullman
The Secretary of Finance stressed that the revision of the Mexican election will take place in a robust regulatory framework.
The appreciation of the peso against the dollar after the results of Sunday's election day in the State of Mexico is a clear and forceful reaction of the markets, said Jose Antonio Meade, Secretary of Finance and Public Credit.
"It seems to us that there are several elements that influence the moods of the markets and I believe that in this particular case there was a quite clear and forceful reaction", affirmed the federal official.
On Monday, the Mexican peso was at its best level in nine months, closing at 18.3445 pesos per dollar, up 1.8% compared to 18.69% of Friday's reference price.
Regarding the possible judicialization of the electoral results, the head of the Treasury pointed out that the electoral process is quite solid.
"We are a country that has been seeking to have strong, clear federal authorities and jurisdictional processes that give certainty, so I am certain that a process of review of the election will be given in a fairly robust regulatory framework," he assured.
Meade hopes that by the end of the current administration, overall the generalized rise in prices will be around 3%, considering that the expectations of inflation "are well anchored."
Inflation has maintained an upward trend since June 2016 and in its most recent measurement stood at levels of 6.17%, more than double the 3% target set by the Bank of Mexico.
"This is a phenomenon we have seen in all Latin American countries in the prices of primary goods and we have all seen very important adjustments in our exchange rates. In all cases inflation has returned to the objectives of the central banks and in the case of Mexico there will not be an exception, "he said.
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