Weekly Report - 27 May 2021 (WR-21-21)

MEXICO: Future of Banxico’s independence in doubt

Mexico’s President Andrés Manuel López Obrador is not fond of autonomous government entities over which he can exert little control. Complaining that these were created by previous corrupt governments and that they are dominated by ‘neoliberal’ officials inherently opposed to his plans to transform Mexico, López Obrador has moved to dissolve many of these entities with their duties (and budgets) absorbed by the federal executive [WR-20-25]. These moves have raised fears about the dismantling of government institutions to the detriment of Mexico’s democracy. López Obrador is now turning his attention to the central bank (Banxico), fuelling concern that its independence and Mexico’s future macroeconomic stability may now be under threat.

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