- The bank, known locally as Banxico, has a constitutional mandate to ensure the “purchasing power stability” of Mexico’s peso currency;
- Irene Espinosa is currently Banxico’s only female board member.
Mexican President Andres Manuel Lopez Obrador said on Monday he will nominate finance ministry official Galia Borja to serve as a new deputy governor of the central bank, part of the monetary authority’s five-member board.
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The nomination, if approved by the Senate, would give Lopez Obrador’s three picks to date, a majority on the bank’s governing body.
Borja, who currently serves as treasurer, is set to replace Javier Guzman, known as one of the central bank’s more hawkish board members, applying a more cautious approach to cutting the its main lending rate.
The bank, known locally as Banxico, has a constitutional mandate to ensure the “purchasing power stability” of Mexico’s peso currency.
Irene Espinosa is currently Banxico’s only female board member.
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Last month, Banxico’s hawks appeared dominant as they defied expectations and held borrowing costs steady for the first time in nearly 1-1/2 years.
