The leftist Claudia Sheinbaum, president-elect of Mexico, assured investors this Tuesday that their capital will continue to be safe in Mexico even if a controversial judicial reform is approved.
The next president of Mexico said that the ‘fourth transformation’, as President Andrés Manuel López Obrador’s movement is known, seeks to seek greater justice “in every sense”, with a “justice system that works.”
The reform of the Judiciary is a proposal from his political godfather, President López Obrador, and would consist, among other points, in the judges and magistrates of the Supreme Court being elected by popular vote.
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The debate will take place in the new legislature from September, when the ruling alliance will debut supermajorities in the chambers of deputies and senators, that would allow him to change the Constitution practically without negotiating with the opposition.
Sheinbaum assured that “a perception of corruption in the Judiciary prevails” among Mexicans.
On Monday López Obrador received Sheinbaum at the National Palace, where he lives and offices. The president-elect said that the president agreed that this reform be opened for discussion.
Hours earlier, President López Obrador said in his morning conference that his controversial reform of the Judiciary is “urgent” and that “enough is already known” about it.
Sheinbaum swept the recent elections and is poised with his allies to have two-thirds of the bicameral Congress, which will allow you to carry out constitutional reforms. This has caused nervousness in the markets.
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On Monday, the day after Claudia Sheinbaum’s overwhelming victorythe peso depreciated more than 4% due to the negative expectations of investors about the composition of Congress, although it recovered ground in the next two days.
This Tuesday, in addition, the Mexican peso hit its worst level since March 2023, closing at 18.49 units per US dollar. according to information from the Bank of Mexico (Banxico), due to investors’ fear of the reform.
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The closing implies a depreciation of 1.09% compared to the level of 18.29 of the previous day and an accumulated fall of 8.96% since the last day before the election on June 2, reaching 16.97 on Friday may 31.
Sheinbaum stated that in the “informal” meeting with Sherwood-Randall they talked about trade, security, migration, and issues that interest the Mexican government such as arms trafficking to Mexico.
Sheinbaum highlighted his “interest in continuing to collaborate based on the Bicentennial understanding, as has been done now with the president and his cabinet,” which he assured has allowed “a relationship of equality and collaboration between both countries.”
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