Sheinbaum to Delay Appointment of New Deputy Governor of Banxico Until 2025

The Bank of Mexico (Banxico) will start 2025 without a deputy governor on the Board of Governors due to the departure of Irene Espinosa. President Claudia Sheinbaum announced during her press conference on Friday that the appointment of the next deputy governor will take place next year, as Espinosa's term ends on December 31.

"We still don’t have a clear idea of who could fill that position. The Secretary of Finance is not cooperating on this matter, and we will look for someone with knowledge in finance, who is aligned with the autonomy of Banxico and can contribute to the country’s growth," said Sheinbaum. The president clarified that she has not decided whether the new deputy governor will be a man or a woman, adding that the person will need to face the challenge of controlling inflation. Analysts consulted by Expansión have emphasized the importance of selecting a candidate with experience in monetary policy, and several have advocated for Espinosa to continue in her position. However, Espinosa has firmly stated that she does not wish to renew her term at the central bank.

The uncertainty surrounding the appointment of a new deputy governor for Banxico highlights the importance of having strong and experienced leadership at the institution, especially during times of economic volatility. The significance of monetary policy not only impacts inflation but also the economic growth of the country, making the selection of the right individual crucial for addressing both short-term and long-term financial challenges.