Mexican president backs U.S. dollar as world’s ‘primary currency’ By Reuters

© Reuters. SUBMIT PICTURE: Mexico’s President Andres Manuel Lopez Obrador speaks throughout a press conference at the Secretariat of Security and Civilian Security in Mexico City, Mexico March 9, 2023. REUTERS/Henry Romero/File Image

MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador provided the U.S. dollar a vote on self-confidence on Monday after he was asked if a weakening greenback may stimulate a relocate to diversify Mexico’s foreign currency reserves.

” We are going to continue thinking about the dollar as the world’s primary currency,” Lopez Obrador informed an interview.

” We have adequate factors to stagnate to other currencies,” he stated, highlighting Mexico’s “progressively close” financial ties to the United States.

The United States is without a doubt Mexico’s biggest trading partner, with both economies carefully incorporated over years in sectors varying from energy, automobiles and farming.

The dollar stayed weaker versus the majority of its significant peers on Monday as worries continue about a prospective economic downturn in the United States later on this year.

Asked if he would suggest that the reserve bank diversify Mexico’s foreign currency reserves, Lopez Obrador stated that “even with a monetary crisis in the future, the dollar would continue to be the most crucial currency worldwide”.

Regardless of issues over economic downturn, favorable financial signs assisted press Mexico’s peso on Friday to its greatest level versus the dollar given that 2017.

The Mexican president’s remarks follow remarks from Brazil’s President Luiz Inacio Lula da Silva, a fellow leftist, in which he revealed assistance for an option to the U.S. dollar for sell specific situations consisting of within South America.


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