JANUARY 2006 EDITION ARCHIVE
Business & Politics Outlook
Delivery of Public Works Projects by President Fox Causes Controversy
President Vicente Fox plans to inaugurate around 360 new public works projects before the July 2, 2006 elections. Such projects include dams, airports, housing developments, a suburban rail system, and hospitals. The Federal Electoral Institute (IFE) could order the inauguration of these public works projects suspended in order to prevent interruptions in this year’s elections, and to prevent the president from possibly gaining political popularity for his party, the National Action Party (PAN).Only 0.5% of Mexicans Living Outside Mexico Have Signed Up to Vote in Federal Elections
The Federal Electoral Institute (IFE) has registered only 13,500 Mexicans interested in participating in the presidential election this year. At a cost of more than 462 million Pesos to develop the voting programs for Mexicans living outside Mexico, the response to such program has been minimal in the 15 cities in the United States where more than 70% of Mexicans living outside Mexico reside.Roberto Campa launches his Presidential Campaign on behalf of the New Alliance (Nueva Alianza) Party
Roberto Campa, a well known ex-militant member of the Institutional Revolutionary Party (PRI) surprised participants in the upcoming elections. His candidacy has generated two questions: how many votes will he able to able to take away from other candidates in a very close election, and how much confusion he will create among the electorate because the election will have two “Robertos,” those being Campa and Madrazo.International Reserves Hit Historic Levels
The Banco de Mexico stated that Mexico’s international reserves have reached an historic level of 68.861 billion dollars as of January 6 of this year.Growth of the Mexican Economy in 2006
Spokespersons from the Banco de Mexico stated that for 2006 the Mexican economy will experience a growth of around 3.5%, basing their prediction on the current level of growth of the U.S. economy.Mexico Joins an Alliance of 10 Latin American Countries to Defend Migrant Rights in the United States
Mexican Foreign Minister Luis Ernesto Derbez presided over a working group made up of 10 Latin American countries, which formed to establish a united front for the mutual but flexible defense of human immigration rights, including legal and illegal emigrants seeking to enter the United States. The group is comprised of Guatemala, Belize... [Read More]Economic Indicators
Exchange Rate
Analysts estimate that fluctuation of the Dollar in 2006 will be in the range of 10.80 to 11.30 Pesos per Dollar. The current exchange rate is 10.67 Pesos per Dollar, which differs from the 10.58 Peso per Dollar exchange rate in place in December, 2005.Mexican Stock Exchange
The MX Stock Exchange (BMV) closed on January 12 at 19,002.35 points.Interest Rates
Interest rates continue to decline. The average Interbank Interest Rate (TIEE) for a 28 days period was at 8.49 %, which represents a change of -0.11 % from the previous percentage of 8.50 %.