Banxico and Inegi, two women

With the little formal announcement of the appointment of Graciela Márquez as the next president of the National Institute of Geography Statistics (Inegi), two of the most important autonomous bodies in Mexico will be headed by women.

They will be the first two women to reach such positions.

In both cases, they are women who are very close to the President of the Republic. The question to be resolved is whether they will be able to separate themselves from the Chief Executive and mark the invisible but solid frontier of the autonomy of the institutions that they will lead.

Their performance will depend on whether the markets, analysts and investors maintain credibility and trust in Banxico and Inegi.

Banxico, the institution responsible for the monetary policy of Mexico, whose fundamental objective is to ensure the stability of the purchasing power of the peso and keep inflation under control, will be governed, as of January 1, 2022 by Victoria Rodríguez.

As of the same date, Graciela Márquez Colín will assume the presidency of Inegi.

This is the body responsible for the generation, dissemination and conservation of statistical information in Mexico and that, among its many tasks, for a decade, has been to measure inflation. As of July 2011, Banxico ceased to be a judge and a party in the fight and measurement of inflation.

From that moment, Banxico concentrated on price stabilization. And Inegi began to carry out the measurement.

The separation of inflation measurement and control was an additional step on the same path that was traced 27 years ago to strengthen the credibility and confidence of the central bank and, in parallel, of Inegi.

On April 1, 1994, the amendment to Article 28 of the Political Constitution of the United Mexican States came into force, granting autonomy to the Bank of Mexico and the priority mandate to maintain the purchasing power of the national currency.

Banxico has managed to increase its credibility and trust in Mexico and internationally.

Inegi has modernized and evolved notably, and over the years it has also managed to increase its credibility and trust. Both institutions have marked their distance from the Executive Branch. In other words, they have asserted their autonomy.

Alejandro Díaz de León, outgoing governor, is an example of stoicism and enormous intellectual stature.

Julio Santaella, has done the same. His work has been notable and recognized by experts and by those who daily observe his rapid reports and analysis on the various indicators that the body disseminates on a daily basis.

Banxico and Inegi have been the targets of direct attack by President Andrés Manuel López Obrador. And in both cases, the response has been institutional but firm.

Inegi, despite the budget cuts that it has registered, kept its main products and its data revealed the harsh reality caused by the pandemic and the economic recession.

He informed us that with the extinction of Seguro Popular, around 16 million Mexicans were left without health services. It revealed the growth of unemployment and informality, among many other data. Certainly very uncomfortable data for the government.

Hence the importance and need for Banxico and Inegi to preserve their autonomy.

Rodríguez and Márquez in their first statements have promised that they will defend the autonomy of the institutions they will lead.

It will be the performance of Victoria Rodríguez and Graciela Márquez in their respective areas that will eventually resolve the question that exists today: Will they maintain the autonomy of Banxico and Inegi? We will see.


Among the presidential appointments yesterday, the one who “fell up” was Víctor Manuel Lamoyi Bocanegra, until yesterday national coordinator of administration and finances of the Institute of Health for Well-being (Insabi). He will be the general director of the Banco del Bienestar. It happens just when an audit was made public that reveals inefficiency and bureaucracy in the payment of suppliers for more than 3 billion pesos!

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Marco A. Mares


Rich and powerful

He has worked continuously in newspapers, magazines, radio, television and the Internet, in the last 31 years he has specialized in business, finance and economics. He is one of the three hosts of the Alebrijes, Águila o Sol program, a program specializing in economic issues that is broadcast on Foro TV.

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