MOSCOW, December 16 (Sputnik) – Mexico's IPC index, the main benchmark index of the country’s only stock exchange, lost 3.31 percent of its value on Monday, the largest decrease since June 20, 2013.
The sharp downturn is linked to the steady decline in oil prices. Prices for Mexican oil have fallen to $50.23 per barrel, the lowest price since 2009. The decrease is predicted to seriously affect the country’s federal budget, as the government earlier calculated their 2015 budget based on oil prices at $79 per barrel.
Mexican oil prices have fallen by almost 50 percent in 2014. Crude oil prices fell further following Monday’s Organization of the Petroleum Exporting Countries' (OPEC) statement that oil output will not be cut even if oil prices fall to $40 per barrel.
The Mexican peso is currently 14.76 against dollar, the lowest figure since 2009.
