Mexican Peso Recovers Losses Spurred by Pick for Banxico Chief

[Freddy]

• The Mexican peso was the second-best emerging currency on the day

The nomination has stirred a great deal of uncertainty in The U.S Banking and Political circles along with Mexican markets as traders assess Rodriguez’s qualifications. The candidate has little experience with central banking. American Bankers point to the close ties to President Andres Manuel Lopez Obrador, prompting fears that the institution won’t be as steadfastly independent from the West as it has been in the past.

 

[Freddy]

There should be no curbs on the autonomy of the Mexican central bank because of its importance in helping to keep inflation in check, the president's nominee to be the next governor of the Bank of Mexico said on Wednesday.

Speaking at a hearing in front of Mexican senators, Victoria Rodriguez, President Andres Manuel Lopez Obrador's pick to head the central bank, repeatedly underlined that it was imperative to uphold the independence of the bank known as Banxico.