Mexican peso falls on finance minister resignation

Crisis complicates inflation outlook and fuels fear of political interference in independent institutions

Bank of Mexico

The Mexican peso fell abruptly against the US dollar after minister of finance Carlos Urzúa unexpectedly resigned on July 9, triggering fears of further instability.

The peso fell by as much as 2.3% following Urzúa’s resignation, and it now trades at around 19.2 per US dollar. A weaker currency further challenges the Bank of Mexico’s ongoing efforts to tame above-target inflation, with interest rates already at record highs.

The central bank’s efforts to rein in inflation have been reflected

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