Elections

Mexican Central Bank Chief: ‘Hurricane’ Trump Presidency Could Wreck Economy

(REUTERS/Lucas Jackson)

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JP Carroll National Security & Foreign Affairs Reporter
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Republican nominee Donald Trump moving to the White House “would be a hurricane and a particularly intense one if he fulfills what he has been saying in his campaign,” according to Mexico’s Central Bank boss Friday.

There is “nervousness surrounding the possible consequences of the U.S. elections, whose implications for Mexico could be particularly significant,” Mexican Central Bank Governor Agustin Carstens said, according to CBS News. The Central Bank’s conclusions caused the country’s main interest rate to go up half a percent, coming in at 4.75 percent.

Over the course of his campaign, particularly since becoming the Republican nominee, Trump has already affected the Mexican economy. If Trump were to win the election in November, “a high degree of uncertainties will weigh on the peso,” according to research by banking giant Citigroup.

The Mexican peso is currently down about 6 percent to the U.S. dollar since mid-August alone. “From the moment that he [Trump] became the only Republican candidate, markets are fearful,” said Carlos Serrano, the chief economist of Mexico’s largest bank BBVA-Bancomer, in May.

Additionally, shortly after it was reported Democratic nominee Hillary Clinton had pneumonia in September, the peso hit a two-and-a-half month low.

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