The Mexican government has discussed measures to minimize the effects of the world financial crisis following the Central Bank's selling of some 11 percent of the international reserves within three days, local press reported Sunday.
Officials from the Treasury Ministry have met closed doors to complete the details of that would be the Law of Incomes for 2009,local newspaper Reforma reported.
Mexico will also participate in an initiative launched Saturday by the World Bank to aid poor countries, Treasury Minister Agustin Carstens was quoted as saying.
That initiative aims at creating a fund "to offer fresh and innovating experiences to the developing nations," Carstens said in Washington during the launch of that plan.
The Central Bank started to sell U.S. dollars Wednesday and it has sold a total of 8.9 billion dollars in three days, 10.6 percent of the country's national reserve.
Mexican peso depreciated 2.3 percent Thursday despite the bank's efforts to give liquidity to the market and boost the currency.
Economists said that the global crisis has produced panic in Mexico and "the peso is dropping too fast."
"It is moment that the government, political parties and organized society take this seriously and fulfill their responsibilities in face of the biggest economy crisis ever," they said.
Source:Xinhua
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