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Heath Says Banxico Governing Board Can Function Well With Four members

MEXICO
  • Banxico Deputy Governor, Jonathan Heath, has taken to twitter to explain that despite Gerardo Esquivel’s departure from the Banxico board, the committee can continue to function well.
    • “It is clear that the optimum is for the Governing Board to have its five members in office. However, the institutional design is very robust and the Bank can function very well with one fewer member.”
    • “From 2008 to date (homogeneous period with the current monetary policy), 131 monetary policy decisions have been made. Of these, 14 were with only 4 members present.”
  • JPMorgan earlier noted that it is still unclear what will happen before the first policy meeting of the year on February 9, but the Board (comprised of five members) can summon policy meetings with four or even three members present.
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