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Oct 8, 2008, 19:58 GMT

Mexico's central bank intervenes to halt dollar's appreciation

Mexico City - The Bank of Mexico said Wednesday it would intervene in the foreign currency market to stabilize the peso-dollar relationship, following a 30 per cent depreciation of the national currency in recent days. Mexico's central bank said in a statement that it planned to sell 2.5 billion dollars on Wednesday 'in the face of conditions of uncertainty and lack of liquidity in the currency market.' The intervention will be not be confined to just one day. From Thursday 'the bank will sell 400 million dollars per day through an auction at an exchange rate at least 2 per cent above the exchange rate of the previous working day,' the statement added. The bank said it will 'remain alert' to market conditions and seek a restoration of 'normal operations' in the currency market. The peso started to lose value against the dollar in late August. On August 29, the dollar was worth 10.302 pesos when the market closed. On Tuesday the dollar was worth 12.145 pesos, while on Wednesday it reached a peak of 13.0417 pesos.

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