Mexico - July 2026

The first article in this July edition of the Latin American Regional Report: Mexico looks at a recently approved constitutional reform that allows the annulment of elections in the case of foreign interference. The ruling Movimiento Regeneración Nacional (Morena) and its allies argue that the reform is necessary in the face of growing threats of foreign meddling in elections. However, opposition senators have stated the reform is open to manipulation and designed to further consolidate Morena’s power.

Next, we turn to the state of Chihuahua where governor María Eugenia ‘Maru’ Campos – a member of the right-wing opposition Partido Acción Nacional (PAN) – called on the federal government led by President Claudia Sheinbaum to prosecute officials accused of links with organised crime, in a reference to members of Morena who were indicted by the US in April. Campos’ message, which was published on social media on 21 June, came amid tensions between the federal government and her Chihuahua state administration, as well as sensitivities around the issue of foreign intervention.

The following piece concerns environmental challenges, with the International Chamber of Commerce (ICC) in Mexico warning that the country is falling dangerously short of its environmental commitments. In June, the ICC called on the Mexican government to accelerate the implementation of public policies to prevent “further deterioration” of natural resources, highlighting deforestation, water scarcity, and carbon emissions as urgent concerns.

After, we consider Mexico’s role as co-host of the Fifa World Cup in June and July, which was forecast to bring significant economic benefits. However, this has been blunted by disruption caused by protests from groups attempting to leverage the global event to extract concessions from the government, as this piece explains.

The following article examines a wide-ranging agreement between Mexico’s state-owned oil company Pemex and its counterpart in Brazil, Petrobras, to boost exploration and production in Mexico’s largely undeveloped deepwater reserves in the Gulf of Mexico, potentially opening the door for more specific agreements in the future.

The final piece in this issue focuses on the recent decision by Mexico’s central bank (Banxico) to hold its benchmark interest rate at 6.50%. This appears to put a firm end to a two-year easing cycle, which has been interspersed with pauses, amid concerns over mixed inflation trends and a cooling economy.