Coparmex demands to shield the autonomy of Banxico to generate economic certainty

The Employers’ Confederation of the Mexican Republic (Coparmex) exhorted the Senate of the Republic analyze “carefully” the suitability of Victoria Rodriguez Ceja so that she can assume the role of governor of the Bank of Mexico (Banxico), therefore, in moments of nervousness and international economic uncertainty, it is urgent to shield the autonomy of the central body to pay for economic certainty.

José Medina Mora, President of Coparmex, stated that the fundamental commitment of whoever is appointed to join the Banxico Governing Board must consider independence and autonomy in decision-making.

So, if Victoria Rodríguez Ceja, current Undersecretary of Expenditures of the Secretariat of Finance and Public Credit, as head of the Central Bank of Mexico, whose endorsement is made by the Upper House of the Legislative power, will have the disposition of the country’s employer sector to open dialogue, knowledge and specific proposals to add in favor of a Monetary politics to help Mexico overcome economic challenges and enhance its development for the well-being of citizens, workers and their families.

In accordance with article 28 of the Constitution, it is the power of the Federal Executive to propose the appointment of the head of the Central Bank and it will correspond to the Senate of the Republic the ratification of the proposed person.

However, Coparmex will defend the autonomy of Banco de México, as an inalienable condition to guarantee the best management of Mexico’s monetary policy, without pressure from other powers, making decisions technical, not political, and having as priority the economic stability of the country.

The president of the Republic, Andrés Manuel López Obrador, announced this Wednesday, November 24, that it will propose as Governor of the Bank of Mexico Victoria Rodríguez Ceja, current Undersecretary of Expenditures of the Ministry of Finance.

The employer leader said that his union joins everything that strengthens Banxico as an autonomous and fundamental institution for the stability of the country and to generate confidence among investors.

At this time, he affirmed, nervousness and financial instability persist, which has shown that inflation in Mexico, in the first half of November, it reached 7.05%, widely exceeding expectations, since the specialists’ forecast was 6.8 percent.

He recalled that 17 consecutive fortnights accumulate that inflation is above Banxico’s target of 3% +/- 1 percent. In this sense, it is important to highlight that the mandate of the Governing Board of Banco de México is to maintain the purchasing power of the currency.