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Why Victoria Rodríguez would not meet one of the requirements to be governor of Banxico


According to specialists, experience in monetary policy is necessary for those who aspire to the governorship of Banxico (Photo: Cuartoscuro / EFE)

This Wednesday, the president Andrés Manuel López Obrador announced that Victoria Rodriguez Ceja, Undersecretary of Expenditures of the Ministry of Finance and Public Credit (SHCP), will be proposed to occupy the position of Governor of the Bank of Mexico (Banxico).

The change in the president’s decision, taking into account that he had previously made public the candidacy of former secretary Arturo Herrera, is due to the need for the participation of more women in their governmenthe declared at a morning press conference.

However, specialists in economic and financial matters were dissatisfied with the news, as they indicated that The professional profile of the public official does not meet the requirements established in the Banxico regulations.

Thus, the law establishes that applicants to be members of the Governing Board of Banco de México must be Mexican citizens by birth and under 65 years of age at the time of holding the position. Necessary have recognized competence in monetary matters and have occupied, for at least five years, senior positions in the Mexican financial system or in some financial authority.

Why Victoria Rodríguez would not meet one of the requirements to be governor of Banxico
Specialists in economic and financial issues were dissatisfied with the news, as they pointed out that the professional profile of the public official does not meet the requirements established in the Banxico regulations (Photo: Twitter @ ValeriaMoy)

In contrast, Rodríguez Ceja seems to have no experience in managing monetary policy. In accordance with her career, the economist graduated from Tecnológico de Monterrey (ITESM) is a specialist in the area of public finances in budgetary, financial and debt matters.

It was Undersecretary of Expenditures of the Government of Mexico City during the administration of Miguel Angel Mancera and was part of the team of the former Secretary of the Treasury, Carlos Urzua 18 years ago, when Andrés Manuel López Obrador, was head of the Government of the capital.

She was also an advisor to the Secretary of the Treasury, Director of Debt in the Ministry of Finance within the Government of Mexico City and Director of Finance in the CDMX Metro.

Rodríguez Ceja was proposed as head of the Finance Budget Control Unit in the incoming López Obrador government. However, she later became Undersecretary of Expenditures of the Ministry of Finance.

One of your tasks in the position is design spending for López Obrador’s social programs, which are one of the central axes of his government.

Why Victoria Rodríguez would not meet one of the requirements to be governor of Banxico
The economic journalist Rodrigo Pacheco also spoke about it (Photo: Twitter @ Rodpac)

It is important to mention that the main objective of Banxico is “To ensure the stability of the purchasing power of the national currency”, as well as “promoting the healthy development of the financial system and promoting the proper functioning of payment systems.” For this, the economist Valeria Moy mentions, it is necessary that the governor know the financial markets and understand the global capital movements and its interconnection with the real economy.

In addition to this, in a column for The country, the specialist pointed out that it is essential that the management of the central bank is separate from fiscal policy, mainly to prevent the former from satisfying the economic requirements of the other. “In a context in which the central bank depended on the Executive, would lend itself to the monetary authority being seen as a financing tool”, He pointed out.

The Governing Board is made up of five members, four of them being deputy governors and one governor. The latter is appointed by the President of the Republic, with the approval of the Senate, and will be in charge of heading the body for a period of six years.

Why Victoria Rodríguez would not meet one of the requirements to be governor of Banxico
Victoria Rodríguez Ceja, Undersecretary of Egress of the Ministry of Finance and Public Credit (Photo: Daniel Augusto / Cuartoscuro)

And it is that, according to the National Institute of Statistic and Geography (Inegi), the National Consumer Price Index (INPC) reached 7.05%, in the first half of November compared to 6.36% in the second half of October. This is its highest record since April 2001.

In this context, rIt is important that the person who will lead Banxico is someone who ensures the proper conduct of Mexico’s monetary policy, in order to ensure the stability of the purchasing power of the national currency.

It should be noted that according to some analysts, the change of candidate to preside over Banco de México caused depreciation of the national currency. “With Victoria Rodríguez’s announcement for Banxico, the exchange market reacts. I definitely don’t like it, ”said mathematician Luis Gonzali.

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