He weight Mexican depreciated on Monday pressed due to growing concerns about the judicial reform which could be approved in the coming weeks after the start of sessions on Sunday of Congresswith an official majority.
The national currency was quoted at 19.7399 per dollarwith a loss of 0.15 percent compared to the Reuters reference price on Friday, when it capped one of its worst months since the pandemic.
The Chamber of Deputies will begin to discuss on Tuesday the changes to the justice system which among other things raise the election of judges, magistrates and ministers of the Supreme Court by popular vote and are expected to advance without problems in both houses of Congress.
Over the weekend, a judge granted a stay for avoid debate on the controversial proposalwhich has sparked a nationwide strike in the judicial sector, strained relations with the United States and shaken the market amid fears that the business climate of Latin America’s second-largest economy could be jeopardized.
However, Ricardo Monrealleader of Morena in the lower house, disqualified the resolution and assured that they would continue forward with the legislative analysis.
Until a few months ago, the Mexican peso stood out as one of the strongest currencies against the dollar, but since the June elections, when the overwhelming victory of Morena and its allies opened the door to the approval of the reform, it began to weaken rapidly.
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Since then, it has lost 16% of its value, making it one of the worst-performing currencies against the dollar so far this year.