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HomeEconomyBanxico nominee Mejia pledges independence at congressional hearing

Banxico nominee Mejia pledges independence at congressional hearing

(Correction of committees to vote in paragraph 5 and nominations for next steps)

MEXICO CITY (Reuters) – Mexican government nominee Omar Mejia, who was nominated to the Bank of Mexico’s governing council, backed on Tuesday The central bank’s monetary tightening policy, with a commitment to transparency and independence if chosen for the role.

“It is crucial to maintain (the bank’s) autonomy and strictly respect it to guarantee the credibility of the institution,” Mejia told a congressional committee. Noted the current Board’s “prudent” actions since the start of the monetary policy tightening cycle in June 2021.

Since then, Banxico’s board has raised Mexico’s benchmark rate by a total of basis points.

A committee of Mexico’s Congressional Standing Committee – a group of lawmakers that meets during the recess of the full Congress – referred Mejia’s nomination to the full committee, which is expected to finalize the nomination this week.

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