Mexican Central Bank Hikes Rate After Trump Win
Mohammad Ali (@ChaudhryMAli88) Published November 18, 2016 | 12:40 AM
MEXICO CITY, (APP - UrduPoint / Pakistan Point News - 18th Nov, 2016 ) : Mexico's central bank raised its key interest rate on Thursday after Donald Trump's US presidential election victory last week rocked the peso and global markets.
The bank lifted the rate by 50 basis points to 5.25 percent, saying in a statement that the election "led to an increase in volatility in financial markets of every region." The Mexican Currency broke the psychological barriers of 20 and 21 pesos to the Dollar last week on fears that Trump's protectionist policies would hit the country hard.
The peso regained some ground this week, trading at 20.60 late Wednesday. Trump has unnerved investors with his plan to renegotiate or scrap the North American Free Trade Agreement (NAFTA), a three-nation pact between the United States, Canada and Mexico.
He has also threatened to curb a major source of revenue for Mexico by cutting off remittances sent by immigrants to their families in order to strong-arm Mexico into financing the construction of a border wall.
Related Topics
Recent Stories
Aeon & Trisl signifies back-to-back successes by securing the No. 1 Award at the ..
Attaullah Tarar’s success notification from NA-127 challenged
PSX witnesses positive trend today
PM Shehbaz meets CJP Isa to address IHC judges’ concerns
Pakistan vows to bring to justice perpetrators, abettors of Bisham terrorist att ..
May 9 riots: SC allows conditionally to military courts to deliver reserved verd ..
Interior Minister arrives in Peshawar after Shangla suicide attack
OPPO Reno 11 F 5G: Setting New Records as Pakistan's Most Beloved Smartphone Lin ..
PCB dismisses FICA's claims of unpaid dues in PSL
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
Today Gold Rate in Pakistan 28 March 2024
Niger says US to submit plan to 'disengage' troops
More Stories From World
-
Japan Moon probe survives second lunar night: space agency
9 minutes ago -
Blond vs pink: French-Swiss battle for 'fourth' chocolate
49 minutes ago -
Zangnan has been China's territory since ancient times: Spokesperson
59 minutes ago -
Nicoll relishes her shot at double Olympic stardom
1 hour ago -
Four killed in German motorway bus accident
1 hour ago -
French bill seeks to ban hair discrimination affecting black women
1 hour ago
-
Gabon's post-coup reform efforts under fire
2 hours ago -
Meet China's first corgi police dog
3 hours ago -
Singapore sees sharp decrease in PE investment last year
3 hours ago -
China's role model selection for Q1 2024 kicks off
3 hours ago -
Australians tighten belt as higher grocery prices bite: survey
3 hours ago -
ChiNext Index closes higher Thursday
3 hours ago