Judicial reform shakes the economy; dollar surpasses the 20 peso barrier

MEXICO CITY (apro).- One day after the reform of the Judicial Branch was approved in general and particular terms and due to the fear of investors, the peso surpassed the barrier of 20 units per dollar after the progress of the judicial reform of President Andrés Manuel López Obrador.

The exchange rate stood at 20.03, which meant a depreciation of 0.50% or 9.9 cents compared to yesterday’s close. The price above 20 units had not been recorded since October 2022, that is, the first time something similar has happened in two years, breaking the famous “superweight”.

The Senate is expected to discuss the bill next week with changes to the justice system, after the Chamber of Deputies approved the constitutional reform the day before.

The government has denied that the approval of the reform, which has been questioned by analysts, the media and recently by the ambassadors of Canada and the United States, will affect the exchange market or that this will lead to an economic crisis. On the contrary, the current administration has reiterated that the market will not be affected.

At the end of August, President-elect Claudia Sheinbaum and López Obrador held a meeting with the head of the SHCP, Rogelio Ramírez de la O, in which they discussed the context of the financial nervousness that the country has experienced in the last three months, in part, due to the uncertainty generated by the controversy over judicial reform.