Carlos Slim Tells Bloomberg TV: Strong Peso Hurts Competition

Carlos Slim Tells Bloomberg TV: Strong Peso Hurts Competition

NEW YORK, Aug. 31 /PRNewswire/ -- In a recent interview at Bloomberg Television's(R) studio in New York, Carlos Slim, the world's fourth-richest man, said that the Mexican peso is strong this year and is hurting the nation's ability to be competitive.

"When a currency strengthens too much, you lose competitiveness," Slim told Bloomberg's Yamila Constantino. "The pending tasks we face to improve our competitiveness are to manage our resources well, our trade agreements and to avoid letting our exchange rate appreciate too much."

Slim, whose telephone, banking and industrial companies account for almost half of Mexico's benchmark stock index, told Bloomberg that the rates his companies charge in Mexico do not hurt the country's ability to compete. Wireless rates are half those in Europe and a bit higher than those charged in the U.S., Slim said.

The interview, broadcast to Bloomberg TV viewers in English and Spanish, also can be seen on the Bloomberg Professional(R) service via AV <GO>. Additional stories on this topic are also available to Bloomberg users via the Bloomberg terminal.

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Source: Bloomberg

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