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President López Obrador highlights strength of Mexico’s economy

Mexico, Mar 23 (Prensa Latina) Mexican President Andrés Manuel López Obrador highlighted the strength of the peso and the country's economy during his usual morning press conference.

In the state of Veracruz, the president referred to the decision made on Thursday by the Bank of Mexico, which reduced the target for the overnight interest rate by 25 basis points to a level of 11 percent, effective as of Friday, according to a press release from the financial institution.

“It was a bold move, because rates in the United States do not want to move and here they are already lowering them, even if only slightly, and this could have led to a depreciation of the peso in relation to the dollar,” but nothing happened, said the president, who considered it was a good decision.

He added that the lowering this indicator helps business people to invest and, in the case of public finances, 70 percent of Mexico’s debt is in domestic currency, so that by lowering the rate, the amount of variable interest decreases, even if it is not much, he explained.

What fills me with pride is that during the time we have been in office, 500,000 Veracruz citizens have been lifted out of poverty and five million people at a national level, said the president, who stressed that such progress has not been seen for decades.