He The price of the dollar moved strongly again today, with losses for the Mexican peso. This Thursday, the leader of the Morena bench in the Chamber of Deputies, Ignacio Mier, announced that the constitutional reforms proposed by President Andrés Manuel López Obrador will be put to a vote in September. The impact on the exchange rate made an already hit “super peso” lose more ground.
This announcement has coincided with a notable fluctuation in the value of the Mexican pesowhich at the 2:20 p.m. cutoff It depreciated to 17.99 pesos per dollar. These reforms, initially revealed in February, include crucial changes in the military, electoral sphere and, notably, in the Judiciary, proposing that judges and ministers be elected by popular vote.
Morena, President López Obrador’s party, secured a qualified majority in the Chamber of Deputies following the results of the June 2 elections, strengthening its ability to approve such reforms.
The impact of this political announcement was not limited to the legislative sphere, as it also had immediate economic consequences. At the opening of the foreign exchange market today, The peso was quoted at 17.61 pesos per dollar, but depreciated 0.66%, equivalent to 12 centscompared to the previous day.
Uncertainty in currency markets
This change in the value of the national currency reflects the uncertainty of the markets regarding the upcoming reforms and their potential effects on the economic and legal stability of the country. All of this adds up to strong volatility in the exchange rate of the local currency against the US dollar.
The most transcendental proposal, the reform of the Judiciary, proposes a structural modification in the selection of judges and ministers, which could reconfigure the Mexican judicial landscape, traditionally characterized by a system of appointments rather than direct elections.
The forex market reaction It is indicative of the sensitivity of financial markets to internal political changes, especially in a country where economic stability has been fluctuating.
Economic and political analysts are evaluating how these reforms could affect from foreign investment even confidence in the country’s judicial system.
The context in which these reforms are being proposed is very important, given that Mexico has faced both national and international reviews on issues of transparency, corruption and human rights in the judicial system.
The proposal of popular election of judges and ministers It aims, according to President López Obrador and his allies in Morena, to increase democracy and reduce political influence in judicial decisions.
However, this proposal has not been without controversy. Opposition sectors and legal experts have expressed concerns about the feasibility of implementing a direct election system without compromising judicial independence or without increasing the politicization of the courts.
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