The first week of November was another where the markets were shaken by something done by the AMLO's majority party in Congress. On Thursday November 8th, Senate majority leader, Ricardo Monreal, presented a bill in which the Morena party proposes to regulate the way commercials banks charge fees for cash withdrawals at ATMs and for other bank services. Even though, the bill is not something that strays too much from international standards in this regard, it caught everyone by surprise and had the greatest negative effect in a day for the Mexican Stock Exchange since the election of Donald Trump. This happened because the banks’ stocks plummeted as a result of the fact that most of the biggest banks in Mexico would be hit very hard with these measures. It must be noted, that these banks are financial institutions that derive a bigger share of their revenues from fees contrary to what happens in other countries. The bill presented was condemned by the banks and it had such an effect that the incoming Secretary of Finance had to release a statement “chastising” the senators from their party for presenting bills that have not been properly negotiated with unforeseen consequences. Let’s remember that this came on the heels of AMLO’s decision to cancel the $13 billion dollar new Mexico City airport and is undermining trust in this new government from investors. In a couple of two weeks, the Mexican peso has fallen around 1.3 pesos against the U.S. dollar surpassing the $20 pesos per dollar threshold again.
On another note, incoming Secretary of Foreign Relations, Marcelo Ebrard, finished his trip to China where he met with Chinese officials seeking to deepen relations between both countries. He said that the new government plans to further relations with the Asian superpower seeking to attract more Chinese foreign direct investment in an attempt to diversify Mexico’s sources of income and reduce the risk of an overdependence on the United States economy. Marcelo Ebrard (and even the President Elect) had also previously met with officials from other Asian countries and visited Japan in the incoming government’s effort to boost economic ties with that region. Returning to the domestic issues, incoming Secretary of Urban and Land Development, Roman Meyer, said that the new government’s National Housing Plan will be a cornerstone of the peacekeeping strategy they plan to implement. He said that AMLO’s government will focus on building new homes in adequate environments. In his opinion, the current housing strategy has built too many homes in places where they should not, as those locations lack the appropriate services, difficult transportation and inhibit social capital development. The new government will focus their efforts in marginalized municipalities as part of their security strategy.
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