MEXICO CITY (EFE).— The Mexican Banking Association (ABM) yesterday expressed its confidence in the “extensive experience” of Claudia Sheinbaum, who will assume the presidency on October 1 following winning the June 2 elections, the results of which have unleashed nervousness in the markets.
“The ABM reiterates its confidence in Dr. Sheinbaum’s extensive experience in government and appreciates the openness to dialogue that she has always offered us,” said Julio Carranza, president of the ABM, at a press conference at the Bankers Club.
The leader of nearly 50 banks operating in the country said that they are “sure that he will integrate a team of experienced professionals with proven ability,” when celebrating the permanence of Rogelio Ramírez de la O at the head of the Ministry of Finance and Public Credit (SHCP).
“We should not be alarmed by a little volatility in the markets,” Carranza said of the depreciation of the Mexican peso.
The president of the banking conglomerate recalled that, when Donald Trump came to power in the United States (2017-2021), the dollar was worth 25 Mexican pesos and then dropped to 16, so “the Mexican economy is fortunate to be able to react in a timely manner to the situation of the markets.”
Analysts had anticipated Claudia’s victory, but they had not expected her alliance of parties to obtain a qualified majority in Congress, which would allow them to reform the Constitution without negotiating with the opposition.
The reform of the Judicial Branch is the Government initiative that is causing the most nervousness in the markets, where the Mexican Stock Exchange fell 3.99% last week, because it would allow judges, electoral magistrates and the Supreme Court to be elected by popular vote.
“We are very reassured by the start of open parliamentary consultations announced by Claudia Sheinbaum,” said Carranza regarding the constitutional reforms proposed by the Government that would generate uncertainty in the markets.
Raúl Martínez, vice president of the ABM, downplayed the volatility of the exchange rate and asked to focus on financial variables such as the Mexican stock market index or the spread of international bonds of the federal government, which have remained stable since the elections.
Martínez highlighted the recent announcement by the American fund Blackstone to invest in Terrafina, a real estate investment trust, as proof that the Mexican economy generates certainty abroad.
Regarding a possible new tax on banking profits with the new government, the ABM stated that it “was unaware of any formal proposal in this regard.”
#Bankers #trust #experience
2024-07-09 02:21:16
