3 possible candidates to be the new governor of Banxico

3 possible candidates to be the new governor of Banxico

Below we mention their profiles.

Lucia Buenrostro Sánchez

She is current Vice President of Regulatory Policy of the National Banking and Securities Commission (CNBV) and sister of the head of the Tax Administration Service (SAT).

Lucía Buenrostro has a doctorate in Economics from the University of Warwick in the United Kingdom and an actuary from UNAM.

“In regulatory matters, he coordinated projects for the implementation of the Basel Accords, in particular pilot tests and impact analysis of Basel III and its subsequent reforms,” ​​says his profile on the CNBV website.

From 2019 to 2021 she worked as deputy general director of Credit at Banco del Bienestar and later as General Secretary of the Federal Commission for the Protection against Sanitary Risks (Cofepris).

His profile does not mention any experience related to monetary policy.

In a recent article published by the newspaper El Economista, Lucía Buenrostro points out that the current levels of inflation that exist in the country are temporary.

Galia Borja

Galia has been deputy governor of Banxico since this year, replacing Javier Guzmán Calafell.

He studied mathematics at UNAM and has a master’s degree in Applied Mathematics and Statistics from The State University of New York.

Before arriving in Banxico, Borja was head of the Federation Treasury and the Foreign Exchange Commission by the Ministry of Finance and Public Credit.

So far, Borja has had moderate votes during his participation in monetary policy meetings.

Gerardo Esquivel

Although he has been ruled out for office, this Harvard University economist sounds like the next central bank governor.

Esquivel has stood out in the last meetings of the Banxico Governing Board for voting against an increase in the reference rate despite the fact that inflation doubles Banxico’s objective of 3% +/- one percentage point.

What if there is no governor?

The Bank of Mexico law establishes in article 41 that in the event that there is no appointment by the president, the member of the Board with the longest time will occupy the position of interim Governor, that is, Irene Espinosa would become the first woman at the head of the central bank.

“While the appointment of Governor is made, the Deputy Governor with the longest tenure in the position will be Interim Governor of the Bank and will preside over the Governing Board. In the event that there are two or more Deputy Governors with equal seniority, the Governing Board will choose between them. to the Interim Governor “, establishes the bank’s law.

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