LatinNews Daily - 06 December 2021

* Mexico’s federal senate has approved Victoria Rodríguez Ceja, a deputy finance minister, to become the next president of the country’s central bank (Banxico). The senate confirmed Rodríguez’s nomination last week with 78 votes in favour, 21 votes against, and 10 abstentions. Rodríguez will take over from current Banxico president Alejandro Díaz de León on 1 January 2022, becoming the first woman to take the top job at the bank. Markets roiled when Mexico’s President Andrés Manuel López Obrador nominated Rodríguez for the role on 24 November. López Obrador had previously backed former finance minister Arturo Herrera (2019-2021) but decided to reconsider his nomination last month, giving little explanation for doing so. Rodríguez, who is currently undersecretary for expenditures at the finance ministry (SHCP), was an unexpected choice. Not widely known, doubts have been raised concerning her level of experience, particularly with monetary policy, and her potential lack of independence from government. The change of hands at the central bank also comes at a difficult time for Mexico as the country recovers from a coronavirus (Covid-19) pandemic-induced recession amid inflationary concerns.

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