Mexico: As dollar rises, regulator warns manipulators

In response to the pressure and public concerns unleashed by a sharp devaluation in Mexico’s currency this year, competition regulator COFECE has issued a reminder to businesses and business unions that any agreement or exchange of information for the purpose of artificially manipulating prices will be harshly punished under anti-trust law.

As COFECE’s statement read, “recently, we have witnessed a devaluation of our national currency, which shouldn’t necessarily lead to a rise in prices. In any case, and not withstanding the course of relevant macroeconomic variables, prices should be individual and independent decisions taken by each economic agent”.

The agency’s statement restates the “emphatic prohibition” on reaching agreements or exchanging information with competitors, whenever these agreements seek to fix, rise or otherwise manipulate prices. Finally, the agency urged Mexico’s various industry unions and councils to take steps in establishing proper standards among their constituents, seeking to avoid these actions.

Full Story: La Jornada

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