Volatility, the challenge of the Bank of Mexico: Heath and Esquivel

The economists Jonathan Heath and Gerardo Esquivel received ratification from the Permanent Senate Committee to join the Governing Board of the Bank of Mexico (Banxico), with which this collegiate body will once again have the five members established by law.

 The two economists were appointed by the President, Andrés Manuel López Obrador. Their main objective will be to achieve the inflation goal for this year of 3 percent.
The two economists were appointed by the President, Andrés Manuel López Obrador. Their main objective will be to achieve the inflation goal for this year of 3 percent.

Heath, who will replace Manuel Ramos Francia as deputy governor, was ratified unanimously with 35 votes in favour, while Esquivel, who will replace Roberto del Cueto, obtained 26 votes in favour, 10 abstentions and none against.

Likewise, in his first presentation as Banxico's deputy governors, Jonathan Heath and Gerardo Esquivel, they pointed out that the challenges the central bank will face this year have to do with a slowdown in the world economy, market volatility and price stability.

The two economists were appointed by President Andrés Manuel López Obrador last year to occupy their respective positions within the Mexican central bank, for a full period of six years in the case of Heath and three years in the case of Esquivel, until the end the period left vacant by Del Cueto for health reasons, although it will have possibilities of being ratified.

Yesterday, the officials had received the approval of the third commission of the Permanent within the Congress of the Union. Both economists will be able to participate in the next monetary policy meeting that the Central Institute has scheduled for February 7.

In the case of Heath, the period he will cover as deputy governor of Banxico will be from January 1, 2019-2026, while Esquivel will cover the second unfinished period of Del Cueto Legaspi.

via: La Razon