March 22, 2020 / 5:43 PM / 6 days ago

Mexican president cautions against using reserves to boost peso

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Sunday he believes the central bank should be careful with the country’s international reserves, which in his view should not be used to fight the depreciation of the peso currency.

“While there’s been instability and depreciation of the currency, I’ve suggested, while being respectful of the autonomy of the central bank, that they be careful with these reserves, that they don’t try to stop the depreciation of the peso by taking out reserves,” said Lopez Obrador during a speech in southern Oaxaca state.

Lopez Obrador urged the safeguarding of the country’s international reserves and warned against the risk of currency speculators.

Reporting by Diego Ore; Editing by Lisa Shumaker

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