Permanence of the secretary of Finance and Public Credit in Mexico promises financial stability

After confirming his continuation at the helm of the Ministry of Finance and Public Credit (MFPC or SHCP by its acronym in Spanish), Rogelio Ramírez de la O spoke to analysts and investors about his agenda during the new administration of Mexico's virtual president-elect, Claudia Sheinbaum Pardo.

Ramírez de la O outlined the following points:

Reduction of the debt contracted this year, aiming to lower it to 3 percent by 2025, to return to stable and sustainable levels.

• Financial stability
• Close relationship with Pemex
• Fiscal responsibility
• Respect for the autonomy of the Bank of Mexico
• Adherence to the rule of law
• Encouragement of national and foreign investment.

He also assured that the fiscal deficit contracted this year, amounting to 1.7 trillion pesos, will be reduced to 3 percent by 2025, ensuring fiscal discipline is maintained.

It is noteworthy that, for the first time, a Secretary of Finance has been appointed for two consecutive terms. Ramírez de la O has held the position since July 2021, aiming to consolidate the current administration's national project.

Meanwhile, on June 5, following two consecutive sessions of strengthening due to the results of the electoral contest in Mexico, the dollar depreciated this morning, falling to 17.64 pesos per unit at opening. On the other hand, the Mexican peso appreciated by 1.25 percent compared to the exchange rate value recorded at the close of the previous day's session.

According to a note written by Gabriela Siller Pagaza, Director of Economic Analysis at Grupo Financiero BASE, the volatility experienced by the exchange rate in recent sessions is expected to begin decreasing and stabilize by the end of this week and the beginning of the next.

With information from V. Reynold, Y. Zaragoza, and J. Zaleta.