Mexico lawmakers propose weaker peso in 2014 budget - draft
MEXICO CITY Oct 18 (Reuters) - Mexico's finance committee in the lower house of Congress will propose a weaker exchange rate estimate of 12.90 pesos per dollar in the 2014 budget compared to the government's estimate of 12.60 per dollar, according to a draft obtained by Reuters.
The draft also confirmed that lawmakers were set to raise the oil price estimate in next year's budget to $85 per barrel from the $81 per barrel proposed by the government.
By raising the oil price and factoring in a weaker exchange rate, lawmakers are effectively raising the amount of expected funds that can be spent next year after they threw out some tax measures proposed by the government.
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