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Canacope Addresses Fall of Peso

The entrepreneur suggested that the public buy local products to boost small businesses
By The News · 10 of November 2016 15:54:25
Exchange rate on Nov. 8, 2016, No available, photo: Cuartoscuro/Moisés Pablo

In December, there will be an increase of at least 3 percent in the prices of clothing, toys and electronics, due to the increase in the dollar, confirmed President of the National Chamber of Micro-Commerce (Canacope) Octavio Corvera Álvarez.

“We saw that on the night of November 8 the currency fell by 13 percent. We are going await the measures taken by Mexico’s Central Bank (Banxico) and the Treasury and Public Finance Secretariat (SHCP), although the truth is that yesterday I was surprised to hear them say that they will wait and see what actions the United States takes,” he said.

Corvera Álvarez suggested that the public consume local products and support small businesses to avoid the reverberations of the U.S. election results.

Corvera Álvarez said that for the next “Buen Fin,” which will take place Nov. 18 to 21, there will be no increase in prices of products and services.

“If we do not take advantage right now, with real sales, it will be a complicated start to the new year (2017). The peso has depreciated in value and the exchange rate really affects us,” he added.