Economy & Business - April 2022

MEXICO: President sparks concerns over autonomy of Banxico

Concerns over the autonomy of Mexico’s central bank, Banco de México (Banxico), grew markedly on 24 March, when President Andrés Manuel López Obrador announced that the bank had decided to increase interest rates from 6% to 6.5%. This preceded the official announcement that Banxico was scheduled to make at 1pm that day. López Obrador did not say how he came to know about the decision, which ought to have been confidential to Banxico’s board of governors and was confirmed when Banxico made its announcement as planned later that day.

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