Mexican President Criticizes The Central Bank

By Rodrigo Cervantes
Published: Monday, May 24, 2021 - 3:10pm
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MEXICO CITY — Mexico’s president has recently attacked many independent organizations, including the National Electoral Institute, accusing them of being a waste of money and a hub for his political foes. Now the president has criticized a relevant autonomous financial institution, generating concerns among investors.

 President Andrés Manuel López Obrador says he will respect the autonomy of Mexico’s Central Bank, but without considering it some sort of divine or untouchable institution.

The president says the Central Bank does not look favorably on his administration, accusing its head of having close ties with previous administrations.

López Obrador says the Bank doesn’t provide enough information about its operation, and hopes that a closer ally may become its leader by the end of the year.

Many analysts fear that López Obrador’s comments hint at his plans to gain more control on the economy, which would affect, among other issues, currency exchange and trade.

The president has stated in the past that autonomous institutions are like philanthropic monsters that only benefit the elites.