Mexico's Peso Plummets 2% on AMLO's Reform Plans Including Supreme Court Elections

Jun 6, 2024, 08:05 PM

Mexico's peso, the most liquid emerging market currency, plummeted 2% within minutes after a lawmaker from President Andres Manuel Lopez Obrador's ruling party announced plans to pursue constitutional reforms starting in September. These reforms include the popular election of Supreme Court justices, which could endanger judicial independence. The announcement was made by the leader of the ruling party in the lower house, causing significant market reactions. The reforms are proposed by outgoing president Andres Manuel Lopez Obrador.