The President decided to reconsider my appointment at the head of Banxico: Arturo Herrera

The former Secretary of Finance and Public Credit, Arturo Herrera Gutierrez, confirmed that President Andrés Manuel López Obrador informed him a week ago about his decision to withdraw the proposal before the Senate of the Republic to appoint him governor of the Bank of Mexico.

“With regard to the information that has been released today, I would like to confirm that indeed the president informed me a week ago that he had decided to reconsider my appointment as head of the Bank of Mexico,” Herrera wrote on his Twitter account.

Herrera’s comment comes a few hours after Senator Ricardo Monreal Ávila announced that López Obrador withdrew since last August his proposal, sent to the Chamber of Senators a month before, to propose the former federal official as a member of the Board of Government of the Banxico.

The Morenoist senator commented that the Upper House awaits the new proposal from the head of the federal Executive for its relief and ratification or rejection, if applicable.

Ricardo Monreal sowed some confusion about who will eventually replace Díaz de León, suggesting that Herrera could be nominated again and stoking uncertainty in the market, amid criticism from analysts on social networks of the government’s delay in ratifying Herrera

“I hope that in the next few days it will be possible to send, either the same name or another, which is a faculty of the President of the Republic,” Monreal commented.

In July, Rogelio Ramírez de la O took over as Secretary of the Treasury to replace Herrera, who was nominated by the president, Andrés Manuel López Obrador, as governor of the central bank, replacing Alejandro Díaz de León, who will leave office on the 31st. December 2021.

It should be remembered that on August 17, the president of the Third Commission of Finance and Public Credit, Agriculture and Promotion of Communications and Public Works, Kenia López Rabadán announced that the appearance of Herrera Gutiérrez was postponed to know her work plan.

Herrera’s participation in the Permanent Commission was scheduled for Thursday, August 19 and also had the objective of knowing the merits that accredited him to carry out the responsibility of governor of the Bank of Mexico.

The governor of Banxico, traditionally autonomous, has a great influence on the costs of borrowing and his fundamental function is to safeguard price stability, while local inflation has been rising steadily this year to double the 3 percent target.

This Tuesday, the Mexican peso reached its weakest level against the dollar since March amid higher expectations that interest rates from the United States Federal Reserve will rise in 2022.

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