Charlene Domínguez and Azucena Vásquez / Reforma
Wednesday, November 24, 2021 | 11:50
Mexico City.- The Undersecretary of Expenditures of the Ministry of Finance, Victoria Rodríguez Ceja, does not have the necessary experience to occupy the position of governor of the Bank of Mexico (Banxico), political and economic analysts warned.
This morning, President Andrés Manuel López Obrador uncovered his new proposal to lead Banxico after he withdrew the appointment he had made of Arturo Herrera, former Secretary of the Treasury.
If Victoria Rodríguez is ratified for Banxico, the first woman to occupy the position of Governor will arrive at the central bank.
“A woman without any experience in monetary matters, with the highest inflation in 20 years and with the cycle of monetary normalization of the United States just around the corner,” said economic and political consultant Carlos Ramírez.
Alfredo Tomasini, a political analyst, said that AMLO’s proposal with Victoria Rodríguez would ensure “blind servility.”
“The profile of Victoria Rodríguez fits in with the rest of the Cabinet: she does not meet the qualifications in terms of knowledge and experience that the position requires. It is an abysmal leap in her career, but she ensures blind servility at any cost,” he said on Twitter.
Gabriela Siller, director of Economic Analysis at Banco Base, considered that she will not be guaranteed for the position in Banxico due to her inexperience in monetary policy.
“From the experience in monetary policy, it seems that this part is missing and it raises concern, because it is a very important position at a crucial moment. I think it can generate questions and can be part of the market’s caution,” he said.
Another market analyst, who asked not to mention his name, considered that the election is a bad sign due to the lack of experience of the undersecretary.
“The change is a bad sign. Now you are proposing someone who does not have a monetary profile and is for Governor of the central bank,” he said.
“The reality is that he does not have any monetary experience and the simple fact of changing the decision makes the markets nervous, Changing for someone little known and with little monetary experience makes you even more nervous,” he added.
The market analyst mentioned that the change in itself of withdrawing the appointment of Arturo Herrera, which had been proposed by the President since last July, generated uncertainty.
“The market was surprised by the news that Arturo Herrera was lowered, because it is also not known why and it will not be known,” he said.
“The reality is that the change by itself looks bad. Precisely the argument of making Herrera’s appointment since last July was so that there would be no speculation and calm the markets, that’s how he said it when he appointed him (the president) in the morning. “
He considered that this change was probably due to the fact that Herrera was not so aligned with the president.
Mario di Costanzo, politician and economist, pointed out that Rodríguez Ceja does not comply with the requirements to be Governor.
“Victoria Rodriguez Ceja does not meet the requirements of the law either. They continue to play with fire!” He expressed on Twitter.
The law requires that the person proposed to head Banxico must enjoy recognized competence in monetary matters, as well as have held, for at least five years, high-level positions in the Mexican financial system or in the agencies, agencies or institutions that exercise authority functions in financial matters, such as the central bank itself, the National Banking and Securities Commission (CNBV) or the Finance Banking Unit.
AMLO said that today, or at the latest tomorrow, he would send Victoria Rodríguez Ceja’s proposal as the new Governor of Banxico.
Rodríguez Ceja has a degree in Economics from the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) and a master’s degree in Economics from El Colegio de México (Colmex).
She has served as Director of Debt in the Ministry of Finance in the Government of Mexico City (GCDMX), Director of Finance in the Collective Transportation System (STC) in GCDMX, Undersecretary of Expenditures of the GCDMX and as Undersecretary of Expenditures of the Federal Ministry of Finance.
The GCDMX Finance Secretariat, despite its name, is not an authority on financial matters (it does not supervise the banking system or determine monetary policies); It is only an authority on local fiscal and budget matters.
The Department of Expenditures of the SHCP is not a financial authority either, it is only budgetary.