In all of 2021, a divestment of Mexican titles was registered for 41,557 million dollars, according to data from the Bank of Mexico (Banxico).
This means that investors drove the largest liquidation of capital in historyquadrupling the output seen in 2020, when they sold titles for 10.344 million dollars.
The Director of Economic and Financial Analysis of Banco Base, Gabriela Siller, reported that before 2021, the largest capital outflow occurred in 2009, in the midst of the financial crisis in the United States. In that year the liquidation amounted to 16,830 million dollars and before, in 1995, they got rid of 13,632 million dollars.
With updated information on Banxicoit is observed that in the period from October to December of last year, investors undid positions in government securities for 14,460 million dollars, which is also an unprecedented disinvestment for a single quarter.
Siller commented that there is no way to separate the events that have generated aversion to emerging risk from those that are fueling Mexico’s economic policy. And he took the case on the initiative electrical reform that since its presentation in October, has accelerated the liquidation of Mexican bonds.
More capital may still leave if the escalation in the aggressions by Ukraine persists and if the aforementioned reform is approved, he commented.
From New York, the economist for Latin America at Goldman Sachs, Alberto Ramos agreed with the expert and stressed that risk premiums may continue to rise due to persistent political uncertainty, weak medium-term growth prospects and rising global yields.
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