“It is little known. Will have to see it in action. The good news is that he is already familiar with the operation of the central bank. The fact that he has been in this position for at least three years, I think he is already soaked in how the governing boards work,” said Janneth Quiroz, deputy director of analysis at Monex Casa de Bolsa, in an interview.
The specialist commented that the advisors have an important role because they provide much of the information that the sub-governors require for their decisions.
“It can cause a bit of uncertainty for people who know well the profile of the people who have been on the governing board, but I would hope that they have a positive role in that they vote in favor and make decisions in favor of strengthening the economic system of the country”, added Quiroz.
The Treasury proposal must be approved by the Senate and once it is approved, the new member will occupy the position for up to eight years, with the option to be reelected for a new similar period.
Article 39 of the Banxico Law mentions that among the requirements that the person appointed as a member of the Governing Board must meet is that they enjoy recognized competence in monetary matters and 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.
However, for the appointment of two of the five members it will not be necessary to satisfy the prerequisites, but they must be distinguished professionals in economic, financial or legal matters.
In its statement, the Ministry of Finance explained that Mejía Castelazo studied Economics at UNAM and specialized in Monetary Economics between 2019 and 2020 at the same institution.
“He has two decades of experience in the analysis of monetary policy issues, financial management, public and banking finance, government treasury and infrastructure projects. Among the high-responsibility positions that he has held are that of Under-Treasurer of the Federal Government and General Director of Financial Administration of the Government of Mexico City, ”reported the Treasury.
Gabriela Siller, director of economic-financial analysis at Banco Base, considered unprecedented that after being an advisor for a few years, she rose to the position of deputy governor.
“I don’t know him and his appointment was a surprise,” he said.
What about Twitter?
The Banco Base economist commented that now with Gerardo Esquivel out of the Governing Board, only Jonathan Heath remains, sharing perspectives on networks. “Hopefully the new deputy governor will be encouraged to share on social networks,” she said.
Once a candidate is proposed, the Senate needs to ratify it. After that, what is truly relevant will be that it act autonomously, following the primary objective of Banco de México. Any deviation from that could lead to uncertainty and loss of confidence.
— Gabriela Siller Pagaza (@GabySillerP)
January 5, 2023
They propose Omar Mejía Castelazo for deputy governor of Banxico. Since 2019, Omar Mejía Castelazo has served as an advisor to the Banxico Governing Board, as well as worked in the government of Mexico City. It lacks ratification in the Senate.
— Daniel Becker F (@DBeckerF)
January 5, 2023
