Ministry of Health Reports Two More DeathsBy Ricardo Guzman | Mon, 03/23/2020 - 21:32
Two more deaths related to COVID-19 were recorded on Monday, Mexico’s Deputy Minister of Health Hugo López-Gatell has reported. In Jalisco, a 55 year-old patient with a history of diabetes and weight problems died this morning, while this evening in Mexico City, a 71-year-old patient, already suffering from kidney failure and diabetes, died. López-Gatell said that, despite cases in which the source of contagion could not be identified, Mexico remains in the transition towards the second phase of the pandemic.
As of Monday, March 23
51 new cases (from yesterday)
367 confirmed cases nationwide
826 under investigation
Impact on markets (20.30 hrs)
US Dollar MX$25.07 (4.01%)
BMV IPC 32,964.22 (-3.81%)
Dow Jones 18,310.77 (-4.50%)
Mexican mix falls 2.85 percent
After last week’s 33 percent contraction in price, the Mexican mix started the week with a 2.85 percent drop compared to last Friday results of US$15.33 per barrel, according to a PEMEX report. The fall of the Mexican mix contrasts with the positive results by Brent and WTI, which on Monday recorded 2.08 percent and 3.23 percent increases respectively. Both international references saved the day after a second wave of US Federal Reserve (Fed) stimuli was announced.
Mexican currency keeps plummeting
During today’s session the US dollar was sold for MX$25.68 at banks, recording an increase of 57 cents, to set another record-high price. Increasing uncertainty about how long the COVID-19 pandemic may impact the global economy and the sharp plunge in oil prices are the main factors behind the fall of the Mexican currency, analysts say.
Elections may be postponed
Local elections in Coahuila and Hidalgo programmed to be held on June 7 could be postponed amid the growing health contingency, National Electoral Institute (INE) adviser Marco Antonio Baños said. By the end of the week a decision will be made after several local candidates in each state requested postponements.
Aiming to protect the popular economy in the face of the looming crisis, the federal government will grant microcredits in the Tandas por el Bienestar program, President Andrés Manuel López Obrador said in his morning briefing. The president said the stimulus plan is intended to shield only the popular economy, which includes SMEs and people living hand to mouth.
Security program in Mexico City
The Mexico City Ministry of Security and Citizen Protection (SSC-CDMX) will deploy more than 6,000 troops and 2,000 official vehicles in the 16 boroughs of the Mexican capital to guarantee security near shopping centers, the office’s head Omar García Harfuch said. In a press conference, García explained that no case of looting have been reported in Mexico City as happened in some areas of the State of Mexico where looters coordinated using social media.