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Mexico central bank governor says dollar sales an option after peso losses

imageEconomy5 hours ago (Mar 13, 2020 03:26PM ET)

Mexico central bank governor says dollar sales an option after peso losses

ACAPULCO, Mexico (Reuters) – Selling dollars is an instrument in the arsenal available to Mexico’s central bank, governor Alejandro Diaz de Leon told Reuters on Friday, after the peso hit all time lows this week.

However, speaking in an interview at a banking conference, Diaz de Leon said Banco de Mexico preferred to use foreign exchange auctions because they do not reduce the country’s foreign reserves.

He added that the bank’s March 26 monetary policy meeting will evaluate the complex scenario of coronavirus, falling oil prices and the higher risk premium for sovereign debt and for state oil company Pemex.

The bank was still evaluating how the environment of risk aversion and higher risk premiums will impact the economy, financial markets and inflation, Diaz de Leon said.

The impact on inflation from the expected economic shock due to coronavirus will take time to materialize, he said, and could eventually lead to lower inflationary pressures.

Mexico central bank governor says dollar sales an option after peso losses

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