Peso drop reflects the global economy: EPN

President Enrique Peña Nieto said that the peso depreciation against the dollar causes "some concern" among the population, because in the past these scenarios have been associated with financial crises in the country.

In a message to the media at the end of his tour to the Arabian Peninsula, the President said that this situation does not reflect the performance of Mexico's economy, but the global financial situation.

"The finance minister and the corresponding area will explain the technical elements that have caused this situation. The only thing I can say is that this is not for Mexico only," President Peña Nieto explained.

He spoke before leaving for Switzerland, where he will participate in the World Economic Forum in Davos.

In an interview published today Finance Minister Luis Videgaray said that Mexico's peso is "clearly undervalued" after volatility in international markets, and added that investors will realize its potential when the markets calm down. He explained that dollar auctions to support the peso will very likely continue, with minor changes.