“We have a buffer zone, it doesn’t affect us that much, because our finances are very strong. Of course, we are neighbors of the United States, there is economic integration and it affects the whole world, it affects Japan, it affects everywhere, but we can resist a little longer,” he said at his morning press conference.
According to the president, Mexico could withstand a possible financial crisis in the United States for two reasons: it has a record level of reserves in the Bank of Mexico, of 221,725 million dollars, 27.6% more than those accumulated in 2018.
“We have never had so many reserves, never, as we do now,” he said. “This makes us stronger in the face of any contingency.”
The other reason is that the peso had strengthened against the dollar during the six-year term, he explained.
He even mentioned that the country was the first on the list of currencies that have strengthened against the dollar. But, since the financial instability that began on Thursday, it has fallen to second place, although other currencies such as the Canadian dollar and the Japanese yen have been more severely affected, he said.
