Banxico, the unknown

The great unknown to be cleared in the government of Andrés Manuel López Obrador is in the economic field.

After it was learned that the chief executive had retracted the appointment of Arturo Herrera as a member and potential governor of Banxico, the big question is who will be the new appointee to the position?

It is neither more nor less about who will be responsible for the country’s monetary policy.

Herrera, when originally proposed, due to his background and profile, generated confidence, despite doubts due to his closeness to the President of the Republic.

But the sudden presidential decision to back down from the appointment causes uncertainty.

Not only because of the person you choose for the position, but because of the kind of attitudes and decisions you might make at the central bank.

For a long time, many voices and initiatives from the most radical wing have been heard that have proposed from the use of international reserves, the demand for the remainder of Banxico, to the modification of the Banxico Law on foreign exchange acquisition.

The President of the Republic himself has harshly criticized Banxico, although in an ambivalent attitude, he has also recognized the importance of its autonomy.

That is the context, which counts and counts a lot.

In fact, paradoxically, with the decision to retract Herrera’s appointment, there is now growing uncertainty.

And it happens right at one of the most difficult moments for the central institute, which faces pernicious inflationary pressure, whose origin is fundamentally imported.

Although Banxico is an institution with enormous credibility and operates based on the decisions of its governing board, the importance of who governs it is fundamental.

President López Obrador himself, last June, when he publicly announced that he had decided not to ratify Governor Alejandro Díaz de León still today and, days later, announced that he had chosen Herrera, he argued that he did so in advance to avoid nervousness, uncertainty. or instability.

And that is precisely what begins to happen today, when the deadline for the replacement in Banxico is closer and it is not known who is going to lead it.

The leakage of information shook the markets and in general the most informed circles of society.

The informative advance was given in his column by the journalist Carlos Loret de Mola and later, during an interview, the coordinator of Morena’s bench in the Senate of the Republic, Ricardo Monreal confirmed it.

Specifically, he said that, since last August, the office of the Presidency of the Republic reported the Executive’s decision without giving further explanations.

Yesterday afternoon, via Twitter, Herrera confirmed that the president informed him a week ago that he had decided to reconsider his appointment as head of the Bank of Mexico.

Monreal in the interview mentioned at least three times that the president could send the same name (Herrera’s) or some other. We’ll see what happens.

For now, in the financial sphere, there is an unobjectionable phrase: uncertainty is poison for the markets.

And that is precisely what began to spread, not yesterday, but for several days. A growing uncertainty around who will be the next governor of Banxico and what direction the central bank will take.

We will see in the next few hours or days, what happens. May we act quickly to prevent the spread of the poison of uncertainty.

Glimpses

The CCE, the Mexican Bar Association and many other organizations warn about the unconstitutionality of the presidential agreement to consider the projects and works of the Mexican government to be of public interest and national security. Surely the Supreme Court of Justice of the Nation will have to decide in this regard.

PAYMENT.- Alonso Ancira from AHMSA paid Pemex the first 50 million dollars of a total of 216 million dollars yesterday to compensate the damage in the purchase of Agronitrogenados.

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Marco A. Mares

Journalist

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.



Reference-www.eleconomista.com.mx

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