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Energy Reform In Focus, CitiBanamex Survey Due

MEXICO
  • As a reminder on Monday, A Mexico opposition party (PRI) that is key for President AMLO’s effort to pass a nationalist electricity bill will vote against the legislation, drastically reducing chances for the constitutional reform to pass.
  • President AMLO has a separate path to push for an electricity reform that gives the state-run CFE a bigger role in the market. Mexico’s Supreme Court will consider the constitutionality of a separate energy industry bill that was passed by Morena and its allies in congress with simple majority early last year.
    • The law, which retains some of the goals of the constitutional reform, was blocked by judges in lower instances, leaving it now to the top court to vote on its legality.
    • While the mechanism for state control of the electricity sector would be different than with a constitutional reform, the supreme court’s approval to last year’s legislation would allow AMLO to fulfill some of his ambitions, said Jesus Carrillo Castillo, chief economist at the Mexican Institute for Competitiveness. (BBG)
  • Credito Real’s default on Swiss-franc bonds doesn’t imply risk for the stability of the Mexican financial system’s operations, according to a Finance Ministry statement.
    • Authorities are closely monitoring Credito Real’s financial situation and its legal process.
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