| | |  Business News 
Mexico Supported by Large Economic Reserves: Calderón
 Suzanne Stephens Waller - Presidencia de la República
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January 14, 2010
| | President Felipe Calderón declares that the country is beginning 2010 with over 90 billion dollars in reserves in the Bank of Mexico. | |
Morelia, Michoacán - During the inauguration of Cinépolis’ Corporate Campus, President Felipe Calderón declared that despite the 2009 economic crisis, the Bank of Mexico began this year with over $90 billion dollars in international reserves, a record figure for Mexico.
“To give you some idea of the Bank of Mexico’s reserves, whereas in the past, they did not even suffice to pay a month’s service of the foreign debt, the Bank of Mexico’s reserves are now over three times the total of the country’s external debt,” he explained.
During the second part of this tour of Morelia, Michoacán, the President said that this shows that the Mexican economy is on its way to recovery, in addition to the fact that positive stages of growth have been recorded for the past six months.
As a result, he said, Mexico ended the year as one of the best destinations for investment and explained that Mexican exports to the United States grew by 10% during this same period.
Accompanied by state governor Leonel Godoy, he said that monthly industrial growth totaled 1%, an increase of over 12%.
“Another thing we did and will continue doing is to boost the country's infrastructure. In 2009, Federal Government assigned over 1.6 million pesos to investment in Michoacán.
President Felipe Calderón regarded Cinépolis as a Mexican firm that serves as an example of quality, vision and energy for competing around the world, since it is the largest in Latin America and the fourth largest worldwide.
“I would like to congratulate Alejandro Ramírez, the directors of Cinépolis, the Ramírez Organization and of course Enrique Ramírez and the other members of the Group and the family, because they are an example of what can be achieved when one combines tenacity, a vision of the future, confidence in oneself and confidence in the country,” he said.
The Mexican President will continue his activities in Morelia with the inauguration of the Mintzita Potabilizing Plant and tour the state of Querétaro, where he will lead an event by Mitsubishi Electric of Mexico.
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