MEXICO

On June 9, the president of Mexico, Andrés Manuel López Obrador (AMLO) announced that he will propose new heads for the Secretariat of Finance and Public Credit (SHCP in Spanish) and the Bank of Mexico (BANXICO). The president declared that Rogelio Ramírez de O will replace the current SHCP secretary, Arturo Herrera, who would be nominated as governor of BANXICO to replace Alejandro Díaz de León. AMLO’s goal would be for Ramirez de O to take office in July, and for Herrera to do so in January 2022. Both officials will have to be ratified by Congress to take office.

In his announcement, AMLO justified his decision by stating that “the change is very important because it will consolidate the same economic policy that we have been having, which has given good results as demonstrated by the facts”. Herrera also informed that he will remain in his position until the next meeting of G20 finance ministers to be held on July 9 and 10.

The future head of the SHCP has a degree in economics from Universidad Nacional Autónoma de México (UNAM in Spanish) and a PhD in Economics from the University of Cambridge. He has worked as a consultant and economic analyst, as well as a director of the firm Economic Analysis for Company Planning (Ecanal). He has also collaborated with various national and international institutions in study and analysis programs on Mexico on issues such as capital flows, free trade agreements and globalisation.

In order for Ramirez de O to occupy the position of head of the SHCP, he must appear before the Finance and Public Credit Committee of the Chamber of Deputies, and if his designation is approved, it must be ratified before the Plenary. Meanwhile, Arturo Herrera would have to be endorsed by the Senate Finance Committee and then by the plenary of the Senate. He would take office on January 1, at the end of the term of the current governor of BANXICO.