AMLO seeks a place for Esquivel

President Andrés Manuel López Obrador assured that he is seeking a government position for the still deputy governor of Banco de México, Gerardo Esquivel.

The president explained, in his morning conference, that they are going to explore other possibilities with Esquivel to place him in the government itself or in representations of Mexico abroad.

As will be remembered, the position of Deputy Governor of the Bank of Mexico for which Esquivel was proposed, in 2018, ends on December 31 of this year. The member of the Banxico Governing Board was nominated by AMLO as a candidate for the presidency of the Inter-American Development Bank (IDB), on November 9.

The official was absent from his responsibilities at Banco de México for 10 days, but remained a member of the Governing Board.

In compliance with the Bank of Mexico Law, the representative of the Executive Branch has the obligation to nominate the members of the Governing Board of the central bank, or else propose them for a second term. But in the morning conference he evaded answering specifically if he will ratify Esquivel in office and stressed that they are going to explore other possibilities for him in the government itself or in representations of the country abroad.

On August 17, Gerardo Esquivel commented upon leaving a meeting with members of the Association of Banks of Mexico (ABM) that he was willing to repeat a new period on the Board of Governors of Banco de México if the President proposed it.

AMLO has expressed on several occasions his dissatisfaction with Esquivel’s positions regarding the management of the international reserves of the Bank of Mexico, the use of the Special Drawing Rights (DEGS) that the International Monetary Fund (IMF) deposited in the coffers in 2020 of Banco de México and the remnants of operations of the central bank.

A woman in the shortlist

Investment strategists in Mexico and New York ruled out since October 24 that the Executive will nominate Gerardo Esquivel for a second position as deputy governor of Banco de México.

The ITAM professor, Víctor Gómez Ayala, commented that he saw great possibilities for Lucía Buenrostro, sister of the current Secretary of Economy, current vice president of regulatory policy at the National Banking and Securities Commission.

From Wall Street, Gabriel Casillas, Chief Economist for Latin America at Barclays commented that there are three officials who could be nominated for the position: Jorge Mendoza Sánchez, CEO of Banobras; Juan Pablo de Botton, undersecretary of expenses and the undersecretary of Finance Gabriel Yorio.

Terminate charge in Banxico

Ends

The position of Deputy Governor of the Bank of Mexico for which Esquivel was proposed in 2018, ends on December 31 of this year.

Nomination

The representative of the Executive has the obligation to nominate the members of the Governing Board of the central bank, or propose them for a second term.

Provision

Gerardo Esquivel has commented on his willingness to repeat a new period on the Board of Governors of Banco de México if the President so proposes.

discarded

Investment strategists in Mexico and New York ruled out since October 24 that the Executive will nominate Gerardo Esquivel for a second position as deputy governor of Banco de México.

ymorales@eleconomista.mx