Mexico’s AMLO Says Peso Slump ‘Helps’ After Becoming Too Strong

(Bloomberg) -- President Andres Manuel Lopez Obrador said the Mexican peso’s recent weakening was a help as the currency had become too strong.

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The peso “has lost value in recent days, not much, it’s a move with benefits because it was already too strong, very strong,” Lopez Obrador said in a speech at the country’s annual banking convention in Acapulco.

The Mexican peso ranked among the worst emerging-market currencies Friday amid heightened geopolitical tensions in the Middle East. The peso pared most losses at market close, weakening 0.2% on the day after falling nearly 7% earlier. The currency posted a 2.8% weekly loss, the worst since September.

READ MORE: Mexico Peso Among EM Worst Amid Middle East Tension: Inside EM

Lopez Obrador also said that the central bank’s actions have helped control inflation.

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